The Difference Between a Credit Union and a Bank

VIDEO TRANSCRIPT

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.