Credit Unions |
Banks |
| Not-for-profit. |
For profit. |
| Owned by its members. |
Owned by stockholders who may
or may not have accounts. |
Earnings returned to members in the form
of dividends, higher savings rates, and
lower loan rates. |
Earnings returned to shareholders,
not to depositors. |
Democratically controlled by
members. |
Controlled by stockholders and
paid officials. |
Members share a common bond–
employer, church, community, etc. |
No built-in common interest. |
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. |
Federally insured up to $250,000 by the
NCUA, National Credit Union
Administration. IRAs up to $250,000. |
Federally insured up to $250,000 by
the FDIC, Federal Deposit Insurance
Corporation. IRAs up to $250,000. |
| Member-service driven. |
Profit-driven. |
As you can see, the underlying structure of the credit union
is different in many ways. However, there is one important
similarity: both credit union and banks are federally insured.
Join for Free
When people think of
becoming a member of
something, they often
associate that with fees. At
Park, there are no fees to join
our credit union. Simply open
any share account with at least
$5, and you are in the door!
|
Toll Free: (800) 626-2870 
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