Banks make money for stockholders, not for customers. Credit unions are democratically controlled . In fact, credit unions are the only democratically controlled financial institutions in the United States. You and your fellow members elect a volunteer board of directors to oversee the credit union. Bank directors, however, are paid and legally bound to make decisions that benefit stockholders, not customers.
Credit unions have the best rates .
Banks price products and services to make a profit. Credit union loan rates also are better. The average credit card interest rate is three and one-half percentage points better at credit unions vs. banks. And credit union auto loans average at least one percentage point less than banks' auto loan rates. Credit unions make consumer loans.