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What is the difference between a bank and a credit union?

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What is the difference between a bank and a credit union?

Banks usually have stockholders to whom they need to pay dividends and a paid Board of Directors. Credit Unions are member owned and operated and have a volunteer-based Board of Directors.

The operational costs that are saved by running a financial institution with a volunteer Board and no stockholders is passed back to the members of the credit union by providing better yields on savings accounts, competitive rate on loans, and fewer and lower fees charged to its members. 

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