By Chandler Sullivan
March 13, 2024 | 3 Min. Read

Managing your money and finding reliable options for financial institutions can often feel overwhelming, especially if you’ve never been to a bank or credit union. Banks have long been the go-to choice for individuals seeking financial services, but another option that deserves your attention is credit unions. But you might be wondering, is a credit union for me? What is the difference between a credit union and a bank?

In this blog, we’ll look into the world of credit unions, comparing them to traditional banks and highlighting the advantages of joining a credit union like us, Marine Credit Union.

Unlike banks, which are for-profit institutions, credit unions are non-profit cooperatives. This means our members are also our owners, and any profits we generate are reinvested back into the credit union in the form of:

As a credit union, our top priority is benefitting our community’s financial wellness.

Credit unions operate on a cooperative business model, where each member has an equal say in the institution’s governance. Members elect a volunteer board of directors to oversee the credit union’s operations and ensure it remains aligned with its mission and values.

We offer various financial products and services, including checking and savings accounts, loans, mortgages, and online banking. However, our core philosophy is centered around member ownership and community engagement, which sets us apart from traditional for-profit institutions (i.e. banks).

Financially, credit unions generate revenue through the interest earned on loans and investments and through fees for certain services. However, unlike banks, any surplus profits are returned to members in the form of higher interest rates on savings, lower loan rates, or dividends. When you win financially, we win.

Here are just a few reasons why choosing a credit union could be right for you:

Not only is our loyalty to our members of utmost importance, but we pledge to benefit our local communities in various ways:

One common misconception is that credit unions may not be as secure as banks. However, credit unions are just as safe, if not safer, than traditional banks.

Both credit unions and banks are federally insured by the National Credit Union Administration (NCUA) and the Federal Deposit Insurance Corporation (FDIC), respectively. This means that your deposits are insured up to a certain limit in case of an institutional failure. So, in terms of safety, both options are secure.

Additionally, credit unions often prioritize financial education and member support, fostering a sense of trust and reliability within the community they serve.

Are you convinced a credit union is right for you? Marine Credit Union stands as a beacon of community engagement and local support, offering its members a unique and personalized banking experience.

The process to join is simple and straightforward. We invite you to experience the difference of becoming a member of Marine Credit Union.

Visit one of our branches, browse our website, or call us today to learn more about how we can help you achieve your financial goals. Together, let’s build a stronger community, one financially empowered member at a time.