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Credit Unions Vs Banks

Learn what makes a credit union different from a bank.

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Comparison
NCUA Insurance Information

How Credit Unions Differ from Banks

Feature	Typical banks	Community First Credit Union
Ownership	Owned by shareholders or private owners	Owned by members
Profit model	For-profit, with earnings benefiting shareholders	Not-for-profit, with earnings reinvested to benefit members through better rates, lower fees, and services
Customer relationship	Account holders are customers	Account holders are members with equal voting rights and the ability to elect the board of directors
Governance	Board decisions are driven by business returns	Members elect the board of directors and board service is volunteer-based
Insurance	Deposits are federally insured by the FDIC up to $250,000 per depositor, per ownership category, per institution	Deposits are federally insured by the NCUA up to $250,000 per member, per account type
Rates and fees	Often higher fees and less favorable rates	Typically offers lower fees and better rates because the focus is member value
Products and services	Checking, savings, loans, and other financial products	Checking, savings, loans, mortgages, and investments for consumers and businesses

NCUA and FDIC Insurance Comparison

NCUA Insured	FDIC Insured
Deposits are federally insured by the NCUA up to $250,000 per depositor, per ownership category, per institution	$250,000 per owner
$250,000 per co-owner	$250,000 per co-owner
$250,000 aggregate for Roth and Traditional $250,000 for Keogh All IRA coverage is separate and in addition to coverage for other credit union accounts	$250,000 per owner per beneficiary up to 5 beneficiaries
$250,000 per corporation, partnership or unincorporated association	$250,000 per corporation, partnership or unincorporated association
$250,000 per Official custodian (More coverage available subject specific conditions)	$250,000 per Official custodian (More coverage available subject specific conditions)