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Money Matters Blog

Monday, June 27, 2011

Making a Difference

Marybeth from the Detroit Area Diaper
Bank and her son receive a check from 
our Summer of Sharing. 
We’re often asked to describe the difference between a credit union and a bank.

It’s a good question because on the surface, they might seem the same. Credit unions and banks offer similar services, such as checking and savings accounts, loans and mortgages. They’re both federally insured and equally safe. Yet despite the obvious similarities, there are very important differences. Credit unions offer specific advantages not available at banks.

First, credit unions such as Community Financial are non-profit organizations owned by the members. Therefore, instead of profiting for shareholders and investors, the credit union returns profits to its members in the form of lower loan interest rates and higher dividends. Fortunately, becoming a member is as simple as opening a $5 savings account.

“We offer the same services as big banks, like low-cost checking, online banking and auto loans,” explains Bill Lawton, Community Financial CEO. “Credit unions also offer special, personalized service to the community.”

Supporting the local community is another important advantage of choosing a credit union. Currently, Community Financial is celebrating its 60th anniversary with a “Summer of Sharing.” The credit union is donating $1,060 every day for 60 days to support local charities, community groups and school groups. Learn more and nominate a recipient at

Selecting a credit union versus a bank is up to you. Choosing Community Financial brings the added benefit of knowing your choice will benefit you and your community. For more information, visit one of our convenient locations or call us at (877) 937-2328 and we’ll be happy to assist you.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

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