Banks vs. Credit Unions
At Northland Educators Federal Credit Union, you are not an account number. You are an owner, and we build a relationship with you.
|Northland Educators Federal Credit Union||Banks|
|Profit||Not for profit; when the credit union earns income it is invested back into the organization.||For profit; when banks earn income, they pay dividends to the stockholders who have invested in the bank.|
|Board of Directors||Volunteer credit union members elected by the membership.||Paid Board of Directors; often the stockholders of the bank.|
|Insurance||National Credit Union Administration (NCUA) protects member funds up to $250,000||Federal Deposit Corporation (FDIC) protects bank customer funds up to $250,000|
|Your Participation||Member and Owner||Customer|
|Products and Services||Full Service Financial Institution||Full Service Financial Institution|