Banks History of CUs in Indiana Credit Union Resources Credit Unions Banks Credit unions have members, not customers. Each person who deposits money in a credit union becomes a member of the credit union because his deposit is considered his share of the ownership. That means credit unions are member-owned. Each member is also an owner of the credit union. Banks can serve anyone in the general public.
Banks have customers who have no voice in how the bank is operated.
Banks are owned by small groups of investors who expect a certain return on their investments. Credit unions are democratically controlled. They are run by a volunteer board of directors elected by and from the membership. Each member has one vote in electing board members and certain committee members and can run for election to the board or committees. At banks, only the investors have voting privileges.