I never really understood the difference between banks and credit unions. All I knew is that my mom used the teachers credit union because she was a teacher, and I had to use a regular bank because I was an unemployed student (which makes zero sense now that I’m typing this out). Thankfully, todayâ??s infographic clears any confusion someone else might have about the difference between these institutions.
A credit union is a member-owned, not-for-profit organization that usually offers more favorable rates toward their members. Banks, on the other hand, are for-profit organizations whichÂ usually offer higher rates and penalty fees. While most banks couldn’t afford the gamble of giving out loans during the recession, credit unions saw a 13.1 percent growth. In all, it seems credit unions are the better choice if you had to choose between the two, but I’ll let you be the judge of that. Check out the rest of today’s infographic to see if a credit union is right for you! [via]5.3k