Only people who own stock can vote for the Board of Directors. The customers who use the bank do not have a say. Income is returned to the stockholders in the form of higher dividends on their shares of stock. Like other for-profit businesses, banks must pay taxes to the government. Not for profit, not for charity, but for service.
Members pool their savings to provide low-cost loans and low fee services to each other.
Each member is an equal owner. Exist solely to serve their members. A person must be within the credit union's field of membership, as defined by their charter, in order to join. Unpaid volunteers from the membership serve on the Board of Directors and guide the credit union. Daily operations are performed by a paid staff.