What is the difference between a Credit Union and a Bank?
Credit Union | Bank |
---|---|
People before profit |
Are for profit |
Are owned by their members |
Are owned by their shareholders |
Profits are returned to our members and community. |
Profits are paid in dividends to shareholders |
Focus on personalised customer service and providing the appropriate savings and loan products for our members needs and have ethical and responsible lending practices. |
Focus on making profits not service or customer needs. |
Give you a say in how they’re run |
Are governed by their shareholders |
Competitive interest rates and fair or no fees |
Price their products and interest rates to maximise profits. |
Both Credit Unions and banks have the exact same regulations and governing body and are covered by the $250,000 deposit guarantee. If you would like to become an LCU member please: or fill out an LCU membership application form and send it back to us with the required ID. |
Additional information |
Questions?
If you have any questions, please contact us.