Credit Unions vs. Banks

What are the key differences between Credit Unions and Banks?

CREDIT UNIONS	BANKS
Are not-for-profit institutions	Are profit-oriented institutions
Can serve only those individuals within their field of membership	Can serve anyone in the general public
Have members, each of whom has a share of ownership	Have customers with no ownership in the organization
Members elect a volunteer Board of Directors to represent their interests	Have a paid Board of Directors who represent the owners; customers do not have voting privileges
Democratically controlled by members	Controlled by stockholders and paid officials
Are member service-driven	Are profit-driven
Return profits to members in the form of lower loan rates, higher savings rates and free or low cost services	Return profits to a small group of stockholders
Are federally insured by the National Credit Union Administration	Are federally insured by the Federal Deposit Insurance Corporation