Del Norte Credit Union

There's a Difference

At Del Norte Credit Union, we are dedicated to helping our members reach their financial goals by being a unbiased source of financial advice. That means we’re not here to maximize our own income. We’re not-for-profit. We’re not owned by some big corporation. We’re member-owned. Big difference. Come see what kind of difference one Credit Union can make. A big difference.

The Difference Between Credit Unions and Banks

When you walk into our lobby, or call a loan officer, what makes Del Norte Credit Union different from a bank isn't immediately apparent. The two financial institutions may offer similar products and services. But the similarities stop there. Crucial differences exist in ownership, in cost of borrowing money, and in use of services.

• You own your credit union. Credit unions are member-owned not-for-profit financial cooperatives dedicated to improving members' lives. More than 90 million members own 7,905 U.S. credit unions with combined assets of $869 billion. Stockholders own banks. Banks make money for stockholders, not for customers.

• Credit unions are the only democratically controlled financial institutions in the United States. The Chief Executive reports to a volunteer Board of Directors who represent the interests of the membership. Bank directors, however, are paid and legally bound to make decisions that benefit stockholders, not customers.

• Credit unions have the best rates. Credit unions price loans, pay interest on funds you've deposited, and charge fees to provide you with high-quality, low-cost services. Banks price products and services to make a profit. Credit union loan rates are also better. Money market, savings, and interest checking accounts carry higher rates - giving back more to members. Interest rates on credit cards and auto loans average one to one-half percentage points lower than bank rates. Credit unions make consumer loans and some member business loans. Banks offer consumer loans, but really emphasize business loans.

• Credit unions educate their members and communities about money matters. Del Norte Credit Union stresses financial education, providing materials and holding seminars and presentations on topics like financial management, car and home buying, and preventing identity theft to help our members make informed buying decisions. Many banks simply advertise their rates and sell their services.

CREDIT UNIONS	BANKS
Credit unions have members, not customers. Everyone with an account has a share of ownership in the credit union. Therefore, you are actually an owner of your credit union and not just another account number.	Banks have owners, usually a group of investors. Banks exist to make a profit for their owners.
Credit unions are democracies. They are run by a volunteer board of directors elected from the membership. Every member has a vote in how their credit union is operated.	Banks are run by their investors, who have the sole voice in how things are done.
Credit unions are not-for-profit organizations. After expenses are paid and reserves set aside, all money surpluses are returned to the members in the form of higher dividends and lower loan interest rates.	At banks, only investors see a share of the profits.
Credit unions serve only certain groups of members, like those working for a particular employer or living in the same neighborhood. This specialization allows credit unions to focus on the needs of a certain special group of people.	Anyone may open an account at any bank. Customers sometimes become lost in the shuffle or "just another number."

CUs in the News -Don't take our word for it. Take a look at what the national media is saying about the credit union difference.