The Difference Between a Credit Union and a Bank

Considering switching from your bank to a credit union? Learn the benefits of becoming a member of Adirondack Regional Federal Credit Union.


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The Difference Between a Credit Union and a Bank

When deciding on your next financial institution, doing your research on the differences between credit unions and banks is important to your overall financial wellbeing. While you may receive the same services such as checking accounts, savings accounts, mortgages, and loans, the benefits of working with a credit union may surprise you!
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The Difference Between a Bank and a Credit Union

Here’s a bank.

And here’s a credit union.

They look the same, right?

But they’re not.

Banks are for-profit businesses. They’re often owned by shareholders. Those investors may live next door. Or across the world.

Rule number 1: Banks maximize profit to keep investors happy.

That may mean high fees. Or high interest rates. Those things are good news for shareholders. They’re not as good for you.

Credit unions, on the other hand, are non-profits. They’re owned by members.

Who can join a credit union?

Anybody who lives in the community.

Or who works here.

People like you.

At a credit union like Adirondack Regional Federal Credit Union, Rule Number One is: Our job is to keep members happy. That means keeping loan rates low. It means giving you access to a nationwide network of ATMs—with no fees. It means when we help you buy a house, or expand your business, or purchase a car, we’re also investing in the places that mean so much to all of us.

Credit unions tend to be smaller than banks. That means fewer branches.

It also means we get to know you better. By name. And when you have a question, or need a loan, or maybe have hit a hurdle in your financial life, you can just come to the branch and talk to us one-on-one.

We’ll make it easy for you to get what you need.

Adirondack Regional Federal Credit Union is an Equal Housing Lender, federally insured by NCUA.

Bank or Credit Union?

Before making your decision, research the differences between credit unions and banks for your financial wellbeing. Both offer similar services, however the benefits of opting for a credit union may surprise you!

A fan of four US dollar bills.