Credit Union vs. Banks

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– community, employer, 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.