What Is a Credit Union?

WHAT IS A CREDIT UNION? CLEARING CREDIT UNION MYTHS MYTH: Qualifying for credit union membership is hard * Nearly anyone can join a credit union MYTH: ADO Credit unions don't have a wide selection of loans * Credit unions offer the same products as banks MYTH: My money isn't safe in a credit union * Credit union deposits are insured by the NCUSIF like bank deposits are insured by the FDIC 5 REASONS TO CONSIDER CREDIT UNIONS HIGHER INTEREST RATES ON SAVINGS LOWER INTEREST RATES ON LOANS PROFITS REINVESTED BACK INTO THE MEMBERS AND NOT SHAREHOLDERS 4. LOWER FEES FEWER ACCOUNT RESTRICTIONS Banks vs. Credit Unions Bank Credit Union For-profit Non-profit Institution Type Shareholders Member-owned Ownership Structure Board of directors elected by shareholders Volunteer board of directors, may be elected by members Business Governance No restrictions Members only Account Holders Loans, credit cards, debit and savings Loans, credit cards, debit and savings accounts accounts Financial Products Office, mobile, online, ATM, phone Office, mobile, online, ATM, phone Customer Service Infographic provided by: Westmark Credit Union WESTZARK www.westmarkcreditunion.net Sources: http://www.woccu.org/about/creditunion http://www.investorguide.com/article/11729/what-is-a-credit- union-and-how-is-it- different-from-a-bank-igu/ http://www.mycreditunion.gov/about-credit-unions/Pages/How- is-a-Credit-Union- Different-than-a-Bank.aspx http://www.moneycrashers.com/why-credit-unions-are-better-than-banks/ http://www.thestreet.com/story/11246068/1/are-credit-unions- fdic-insured.html