Credit unions and banks are similar in many ways.
Credit unions and banks are similar in many ways. They both offer financial products and services, and they are both want to be your financial partner for life. The biggest difference between the two is the philosophy behind how to achieve that goal. Credit unions are non-profits, whereas banks are for-profit. At a credit union, customers are known as members, and the members are the owners. Profits made at a credit union are returned to the members/owners in the form of dividends. Credit unions are famous for their member service, and in terms of technology, DMCU has online banking, all the latest apps, and a state-of-the-art website. Credit unions also offer shared branching, allowing members access to thousands of credit unions throughout the country as if it was their own branch.
"Life is a matter of choices, and every choice you make makes you."
- Mark Twain
When you are choosing who to bank with, it is important to choose an institution that will best serve your financial needs. Credit unions and banks both have strengths and weaknesses, but consumers love the customer service, lower fees, non-profit status, and the ability to find better deals on loans that credit unions can provide.