The Difference Between a Credit Union and a Bank

Published on September 24th, 2018

The decision of where to put your money is a tough one, and you want to consider all possible options.  The first choice you must make is if you want to entrust a bank or credit union.  At Leyden Credit Union we make signing up for a credit union near Elmhurst a simple and easy option.

Ownership

The primary difference between a credit union and a bank is their ownership. Credit unions are owned by their account holders, while banks are owned by their investors. Those investors might be thousands of anonymous stockholders or a few larger investors, depending on the bank. This might not sound like a big deal to you, but it affects how the institutions operate. Credit unions generally offer better rates and fewer and less fees because they do not have outside investors attempting to maximize profit at the expense of the account holder.

Customer Service

Both banks and credit unions can offer excellent customer service, but it is the size of these institutions that matter. At credit unions and small banks, service tends to feel more personalized. Since credit unions require a common bond, such as employment or geography, it is easier to create that personal experience.

Eligibility

To open an account at a credit union there are requirements that you must meet. For Leyden Credit Union near Elmhurst, you must live, work or worship in the following townships: Leyden, Addison, Elk Grove, Lyons, Maine, Proviso, or York. Family members are also eligible to join. Many credit unions require that you work or live in a certain area to be eligible. With banks, where you live does not affect your eligibility to open an account.

Contact Leyden Credit Union today at 847.455.8440 or visit us online for more information on our credit union near Elmhurst.


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