banks vs credit unions

BANKS

• Tend to pay lower interest rates and have higher fees
• Your funds in a bank will be insured by the FDIC up to $250,000

MORE ABOUT BANKS

• For-profit institutions
• Less emphasis on personal interactions
• Banks, particularly large ones, will usually be quicker in rolling out new technologies

credit union

• Not-for-profit institutions
• Tend to pay higher interest rates and have lower fees
• Only some people can join ex-only people born in Eufaula Alabama or only people that are in the military

MORE ABOUT CREDIT UNION

• Your funds in a credit union will be insured by the NCUA up to $250,000
• Emphasizes local and personal interactions

FUN FACTS

• The bank is on record as the first official bank in the world, although the practice of banking has been traced back for several centuries. The oldest continually operating bank in the world is Banca Monte dei Paschi di Siena, which has been operating as a bank in Italy since 1472.
• 1909 – Alphonse Desjardins forms the first credit union in the United States in New Hampshire. The first U.S. credit union law is passed in Massachusetts with aid from Alphonse Desjardins and Edward Filene.

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