Though they offer similar services, the main differences between a credit union and a bank are their profit motives and their co-operative ownership models. Banks are typically for-profit institutions; while credit unions are not-for-profits and distribute their profits to members in the form of offering higher interest rates on savings, lower rates on loans and lower or waived fees. Credit Unions like Greater Nevada, use their funds to invest in services and initiatives that help their member-owners. Joining a credit union means joining a community of your neighbors–a community that supports you in return.
Credit Unions vs. Banks
Your Neighbors, Your Community
What’s a Credit Union?
A credit union is a not-for-profit financial institution. Credit unions operate around the principle of returning profits to members, often in the form of better products, services, and programs. They are cooperative, meaning they’re owned by members, and they’re also federally insured.
Credit unions typically have easy-to-meet membership requirements. Some of the most common perks associated with membership include better rates on loans and savings accounts, as well as possibly fewer and lower fees. Most credit unions offer the same financial services as traditional banks.
Banking Made Simple
Manage your money with convenience and flexibility. Greater Nevada Credit Union makes financial wellness second nature with a full range of services, from personal and commercial banking to lending and mortgages. Open a checking account, check on your savings account, or explore credit cards–it all happens here.
Start Banking with GNCU
Discover the support that comes from banking with a community of your neighbors. Contact us today to learn more about membership, open an account, or learn more about our cooperative.