What is the difference between a credit union and a bank?

Banks are profit-oriented institutions that return earnings to stockholders in the form of dividends. Customers have no ownership in the bank. In contrast, credit unions are not-for-profit organizations that return earnings to members in the form of lower loan rates, higher interest rates on deposits, and lower fees. Every member of a credit union has a share in ownership.
 
See also: The Island Difference, Credit Unions vs. Banks

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