Credit Union Difference

Credit UnionsBanks
PhilosophyNot for profit, not for charity, but for service. Decisions made in the members' best interest.Generate profit for stockholders. Decisions profit-motivated for stockholders.
StructureFinancial cooperatives with member/owners.Commercial businesses with paid stockholders; services offered to make a profit.
OwnershipMembers are equal owners.Stockholders.
Board of DirectorsUnpaid volunteers elected annually by membership.Paid shareholders. Only those with stock can vote.
Earnings/IncomeIncome is returned to members in the forms of better rates and lower fees.Income is returned to stockholders in the form of higher stock dividends.
FeesTypically lower.Can account for up to 1/3 of total profits.
Deposit InsuranceFederally insured up to $250,000 by the NCUA (National Credit Union Administration).Federally insured up to $250,000 by the FDIC (Federal Deposit Insurance Corporation).

Credit unions are not-for-profit financial cooperatives. At First United, we’re in business to serve you, our members, not make a profit. Unlike most other financial institutions, credit unions do not pay outside stockholders. Instead, earnings are returned to you in the form of lower loan rates, higher interest on deposits, and lower fees. We’ll save you time and money on ALL your financial needs.

An example of economic democracy, each member has equal ownership – regardless of how much money is on deposit. At First United, you’re both a member and an owner! Our people helping people philosophy also encourages our involvement in the community and many worthwhile charitable causes.

  • Not-for-profit financial cooperative
  • Service is our number one priority
  • Earnings returned to our member/owners
  • Lower loan rates
  • Higher interest on deposits
  • Community and civic-minded