When it's credit unions vs. banks, it's about people vs. profits
You have hundreds of options when you're looking for a financial institution. But we believe our credit union provides the support and full service to meet your needs today and throughout your member journey. When you join, these are some of the immediate benefits, because we're not-for-profit:
- Lower interest rates on loans
- Higher yields on deposit accounts
- Advocacy to make financial decisions in your best interest
- Greater focus on personal and community service
As a credit union, we operate under the same level of regulations and provide deposit insurance just like a traditional bank. And you'll find all the accounts, products and convenient services you need to manage your money. But we're focused on you, the member. When you join, you also own part of a share, meaning you have a voice when it comes to how we operate.
We're Here to Serve You!
Our banking options are designed to help you reach your goals.
First Financial Visa Platinum Card.
Find out why our credit card belongs in your wallet with great features like a low fixed rate and no balance transfer fees.
How is a Credit Union Different from a Bank?
Not for profit.
- Credit unions have members, not shareholders
- Credit unions are democratically governed, and elections are based on a one-member, one-vote philosophy.
- Credit Unions reflect the communities in which they’re based, with decision being made in the community by community leaders.
- Credit unions are the fabric of their community, and look like their community. 51% of CU CEOs are women.
- 10% of credit unions are minority depository institutions (MDIs).
- With a focus on member benefits, earnings are returned to members through services like free ATMs, better rates and lower fees.
- Because they’re focused on people, not profits, many credit unions are eager to help everyday Americans with unforeseen financial emergencies.
- Credit unions have members, not shareholders.
For-profit
- Banks have customers and shareholders, and must make money to please shareholders
- Banks are governed by paid shareholders. Voting rights depend on the number of shares owned.
- Big banks are run by a select few people from corporate headquarters far from many of America’s neighborhoods.
- Slow to reflect the face of America, only 5% of bank CEOs are women.
- Only 3% of banks are MDIs.
Because Banks must make money to please shareholders, earnings go to outside stockholders in the form of dividends. - Many emergency bank loans have higher rates and poorer terms, given their focus on profits.
- Banks have customers and shareholders. They must make money from their customers to please shareholders.
First Financial vs. other credit unions
So how do we separate ourselves from other credit unions? Our membership field focuses exclusively on educators and people who work in the educational field. And our commitment goes beyond special treatment during Education Appreciation Month in May or Back-to-School events in August. Everything we do revolves around our educational community members and how we can help them achieve their financial goals – the way it's been since 1933. We understand our members' needs and how to provide the support necessary to help them succeed.
Membership with us opens doors to a number of benefits, including:
Join us and experience the First Financial difference to see how we can work together toward your financial goals.
