Up until last October, I had NO idea what a credit union was. I didn't find out until I closed my account at bank that shan't be named and needed somewhere else to go with my money.
Someone suggested that I open an account at Michigan First Credit Union. But I had NO idea what a credit union was. So, I ended up doing my research and came to this conclusion: credit unions are BOMB and banks….not so bomb.
Let me lay out the facts for you:
Banks are for profit. The profit banks make NEVER go back to the customers (what credit unions would call members), and customers have NO say in how the bank is ran.
Credit unions are not for profit. They’re owned by credit union members, and the money made at a credit union goes BACK to the members.
And in case you'd like something a little more detailed, here's a chart I found explaining the similarities and differences between the two:
Credit unions care about people. Banks care about money. Credit unions will listen to YOU as a person and will do their best to help satisfy your needs.
(Needless to say, I ended up opening an account at Michigan First Credit Union.)
Check out the video Alberta’s former Spokester Larissa Watkin's made explaining exactly how much credit unions care compared to banks!
Until next time,