Credit unions and banks do the same things: checking, savings, loans, etc.

However, credit unions are not-for-profit cooperatives where all the members (i.e. customers) split ownership of the bank together.

Like shareholders, all member-owners can vote on how the business is run. They each get 1 vote regardless of how much money is in their accounts.

Credit unions can't keep any of the profits they generate. They must invest them back into the credit union, their members, and/or their community.

Most credit unions return the profits to their member-owners by paying a higher interest rate on savings accounts or charging a lower interest rate on loans. I challenge you to compare the interest rates of most banks vs. most credit unions.

Banks are businesses who make a profit off of their customers. When you ask for product guidance, they're going to push the ones that make them the most money.

Credit unions are mission-driven to help people improve their finances, access cheaper capital, and reach their finnacial goals. When you ask for product guidance, they will tell you which products are in your best interest and will help you reach your financial goals.

Banks will usually look at your credit score to see if they'll give you a loan. If you don't meet their standards, too bad. Credit unions will look beyond your credit score and are more likely to have products that help you build your credit.

Banks do crazy risky stuff with your money (e.g. 2008 financial crisis). They also lend it to whoever they make the most money off of (e.g. oil pipelines). Credit unions lend your money to people and small businesses in your community.

Both bank and credit union deposits are insured up to $250,000 by government agencies. For banks, it's the FDIC. For credit unions, it's the NCUA. Both agencies do the same thing, they're just different agencies. One is not better or more secure than the other.

The FDIC mandates that banks donate a portion of their profits to the community (Community Reinvestment Act). The NCUA does not mandate credit unions to give back. However, credit unions routinely give back more than banks because it's coded in their DNA (literally can't keep the profits).

The board of directors for banks are very highly compensated. The board of directors for credit unions are unpaid volunteers.

When you bank with a bank, you're making rich people richer.

When you bank with a credit union, you're making your community stronger.

This is not financial advice. Do your own research.