It's simple, really. Banks are profit-driven investment vehicles for people and corporations other than the customers than they serve. Credit Unions are non-for-profit cooperatives owned & operated by the very people they serve.
BOND Community Federal Credit Union members enjoy tremendous access to their Personal & Business Checking accounts through Online Banking & Bill Pay, VISA© Debit Cards, 24hr Live Call Service with minimal hold times, thousands of Shared Branches, and more ATMs worldwide than even most big banks. Once you're a BOND member, you're always a member, no matter where you go.
Joining our credit union is easy, and there is no fee for membership; we simply require a small deposit of $50 into a special savings account called your Share Account. We also offer Youth Accounts that require only a $25 deposit to start.
| Big Bank | "I wanna know..." | Credit Union |
|---|---|---|
| Private investors, share holders, & stock holders, none of whom are necessarily customers of the bank. | who owns it? | All members with funds on deposit in the credit union, and who actively use the credit union’s services. |
| Maximum profitability; banks have led in yearly profits for years, sharing the top spots with the oil industry. | what’s its motive? | Not for Profit, Not for Charity, But for Service. That's actually the recognized credit union credo. Sums it up nicely. |
| Yes, up to $250000 per account, by FDIC, a federal agency enacted in 1933 to regulate & insure banks | is it insured? | Yes, up to $250000 per account, by NCUA, a federal agency enacted in 1934 to regulate & insure credit unions. |
| FDIC uses tax money to cover bank losses; in fact, billions of tax dollars have been used by FDIC since its inception | does it affect the taxpayer? | NCUA never uses tax money to cover losses; credit unions fund their own insurance, costing taxpayers nothing. |
| A paid governing body that oversees banking operations. Board members are appointed by investors and are often rewarded for maximizing proft. They can hire &: fire the President/CEO. | what is its Board of Directors? | A volunteer unpaid governing body elected from amongst the membership by the very members they serve; it sets policies, oversees operations, and looks after the credit union and its members. |
