Credit Union vs Bank
At NorthStar Credit Union, we believe that our members deserve to benefit from our success. Our low fees, great rates and unique products and services set us apart from the average bank, and it’s our members, not stockholders, that feel the rewards.
What's the difference between a credit union and a bank? Let me show you.
Banks are owned by investors or stockholders, and the focus for the bank is to make a profit off of its customers to create wealth for the shareholders.
Credit unions, like NorthStar, are owned by the member account holders.
With this structure, we can offer low fees and better rates for savings and loans. When a member makes a deposit with NorthStar, we loan that money back out to a family or friend or neighbor to help them buy a house or buy a car.
So, to recap, our goal is to help members save and be financially healthy.
The goal for the bank is to make money off customers for the stockholders.
Our general focus is every member of the credit union no matter how much money they have or what their needs are.
The focus for the bank is large businesses and wealthy people that will have an impact on creating wealth for the shareholders.
One example of a product offered at NorthStar is a Dream Saver to help people with savings. They may only need to deposit a little bit of money every month. That may not have a big impact on our business, but we're helping the member, which is our number one goal.
A bank is targeting great rates for businesses and wealthy people that are going to have the biggest impact on making them money.
So who do you want to work with and where do you want to put your money?
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