What’s the difference between a credit union and a bank? In his video blog, Gerry Agnes, President & CEO of Elevations Credit Union, explains that credit unions are not-for-profit financial cooperatives owned by members of the community. Banks, on the other hand, are owned by their stockholders, and they’re designed to make profits. Fundamentally, this makes a large difference in how these two types of financial institutions operate.
Want to learn more? Check out our YouTube channel for more videos on the credit union difference.