Calling all Super Savers! It’s Credit Union Youth Month!
April is Youth Month at Clackamas. Come join the fun! Stop by a branch, make a deposit into your account, get some free stuff, and celebrate with us! If you have friends or siblings who have not joined the ranks of Super Savers, this would be a perfect time for them to start by opening a savings account. This year we are reminding you that The Future is Yours: Picture it, save for it, share it! We are celebrating with special prizes each time you visit a branch in April, and with special blog posts focused on our Super Savers and helping you save for your future.
This week we’re covering the difference between credit unions and banks. Curious to learn more? Keep reading!
The Difference Between a Credit Union and a Bank
As a member of a credit union, do you know what makes credit unions so awesome? While both banks and credit unions have things like savings accounts, checking accounts, and loans, it is how they do their day-to-day business that makes them so different.
Banks are for-profit companies. This means they make their money by charging fees and lending money to their customers. The money they make goes to their stockholders who own shares of their business. Because they are a for-profit company, they also pay taxes back into the communities that they do business in.
Credit unions are financial institutions that are not-for-profit cooperatives. Credit unions also are owned and controlled by their members. A credit union doesn’t have stock holders who own the business. When you are part of a credit union, you are not seen as a “customer”, you are a member and owner of the credit union.
Thanks for reading, Super Savers! We’ll see you next week to learn more about how to save for your future. Remember to stop by your local branch and pick up some Youth Month prizes!