This is a very common question we get. To answer, it’s important to understand what each organization is and is not. Credit unions and banks are both financial institutions but that’s where the similarities end.

Banks are for-profit financial institutions owned by shareholders. They offer a variety of products and services to the general public and are insured by the Federal Deposit Insurance Corporation (FDIC). They are regulated by either federal or state regulators. As a for profit organization, their primary goal is to maximize earnings, so they are always thinking about how much income they can get from their customers without driving away business. They are very good at what they do – with record profits year after year.

Credit Unions are not-for-profit financial institutions owned by our account holders / members. We also offer a wide array of products in services but to a select group of eligible members. You must meet certain eligibility requirements in order to open an account at the credit union. As a member-owner, you have a say in how the credit union is run because you can vote and run for the Board of Directors. You get one vote, regardless of the amount of money you have at the credit union and all of our Board Members are volunteers – they do not receive compensation for work. This ensures that we are always looking out for your best interests. Credit unions are also regulated by the state or federal government, depending on our charter. We are federally insured (with the exception of a few privately insured credit unions) by the National Share Insurance Fund (NCUSIF). Credit unions can and do make a profit but earnings are returned to our members in the form of lower loan rates, higher interest on deposits, and lower fees, so you save money!

Members Trust Federal Credit Union is dedicated to the philosophy of “members helping members” in a professional environment, by providing all member-owners with quality financial services based on sound business practices and by delivering these in an efficient and friendly manner. In short, if you are looking for a financial institution where you are more than a dollar sign, Members Trust Federal Credit Union is a great choice.

You are the owner.

Your voice is always heard.

Your interests come first.

The best answer to “Why use a credit union instead of a bank?” is that your financial well-being is always first with a credit union. To learn more, visit A Smarter Choice!