What is the difference between a credit union and a bank?

When you take up financial products from a bank, you do so as a customer. Banks are owned by their shareholders and are run at a profit to provide the highest possible dividends to those who hold shares.

Alternatively, when you take up financial products from a credit union, you become a member, and therefore a part owner, of the credit union. Credit unions exist to provide financial products and services for the equal benefit of their members, rather than to produce profits for shareholders. As a member of a credit union, you have a right to attend member meetings and comment and/or vote on matters concerning the constitution, management performance and financial reports of the credit union.