Credit Union Vs. Bank

What makes a credit union different than a Bank? Here at HFCU we feel that you will come to know and experience the difference and the benefits that we have to offer you.

CREDIT UNION

BANK

Member Owned - Every account holder has the same voting rights to make decisions.

Stockholder Owned - Stockholders have the voting rights to make decisions.

Members elect fellow members to serve on the Board of Directors.

Stockholders hire people to be on the Board of Directors.

Financial Cooperatives - Members pool their savings to provide low-cost loans and low fee services to each other.

Commercial Business - Banks offer a variety of services to generate profits for their stockholders.

Decisions on operating the Credit Union take into consideration what is best for the members.

Decisions are based on what will give the stockholders more profit.

Deposits are federally insured by NCUA (National Credit Union Administration) a government agency

Deposits are federally insured by FDIC (Federal Deposit Insurance Company) a government agency

Exist To Serve The Member - In order to join, a person must be within the field of membership, as defined by the Credit Union’s charter. 

Serve customers from the general public.
Anyone can use the services of a bank.

Income is returned to the member (account holders) in the form of better savings rates, lower loan rates, and low or no fees for services.

Income is returned to stockholders in the form of dividends earned on their shares of stock.

 
 
 
 
This credit union is federally insured by the National Credit Union Administration.