The Credit Union Difference

Credit unions differ from traditional banks in many ways!

Compared to banks, credit unions pay members higher returns on deposits, offer lower interest rates on loans, and have lower fees for services. Click here to view a comparison of Maryland Credit Unions vs. Banks.

• CREDIT UNIONS are not-for-profit cooperatives. BANKS are for-profit corporations.
• CREDIT UNIONS are member-service driven. BANKS are profit driven.
• CREDIT UNIONS return profits to their members. BANKS divide profits among their shareholders.
• CREDIT UNIONS have members – each of whom are also owners of the institution. BANKS have customers – all of whom are…just clients.
• Most CREDIT UNIONS (including NIHFCU) are locally operated and designed for the communities they serve. Many, if not most BANKS are managed outside of the communities they serve
• CREDIT UNION members all have one vote to annually elect their Board of Directors. BANK customers are not privileged to vote (unless they are also a shareholder).
• Most CREDIT UNIONS (including NIHFCU) have volunteer Boards made up of (and representing) its members. BANK Board members are highly compensated and represent the interests of anonymous shareholders.
• CREDIT UNIONS, under federal and state laws, may only offer membership to individuals who belong to a select group or geography. BANKS are not restricted on who they can serve.

Join NIHFCU today and experience the credit union difference!