Banks vs Credit Unions

Most banks and credit unions that are near to campus will offer all of the services that you need: checking accounts, savings accounts, and credit cards. However, there are a few basic traits that distinguish banks from credit unions.

1. Banks are for-profit companies, whereas credit unions are not-for-profit institutions that exist to serve communities.
2. Credit Unions tend to have fewer physical locations nationwide, however many have a comparable number of ATMs due to credit unions often sharing ATMs with other credit unions to form a network of ATMs their customers can use without paying fees.
3. Credit Unions are more likely to either waive/minimize fees that banks charge for things like out of network ATM withdrawals or overdraft protection.

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