“You make more money on a CD in a credit union than you would in a bank.” Cheryl Kapetanakos Housing Coordinator Coral Springs, FL “A bank is a for-profit institution. A credit union is a non-profit.” Diane Frea Newspaper Executive Columbia, S.C “Banks handle different types of investments. They offer commercial loans. Credit unions are for the `average person' who wants to establish a loan or credit. Credit unions are more for short-term things, not things like mortgages.” Ray Maynez Recent College Graduate Santa Barbara, Calif. “Credit unions offer different services than a bank.” Jody Boyle Housing Manager Boca Raton, FL “A credit union is owned and run by the employees of a company. They are members of the credit union. Credit unions offer good rates.” Mary Forsell Independent Businesswoman Santa Barbara, Calif. “A credit union offers better rates and deals to a select group.” John Fay Account Manager Ft. Lauderdale, Fla. “A credit union offers lower rates on loans and higher rates on savings. A credit union is not governed by a banking commissioner.” Carl Armstrong Pilot, Former Teacher Royal Palm Beach, Fla. “A credit union is a group of people who pool their money to receive better benefits than they would from a bank because it's not like a business that has to make a profit, such as a bank.” Rabbi Adam Goodfriend Teacher/Clergyman, Columbia, S.C. “No, I really don't know the difference between a bank and a credit union. Does a credit union give you credit? I know it's cheaper to have an account at a credit union than at a bank since the monthly fees are lower. But I'm not sure about loans.” Robert Steinke Computer Specialist and Technician Phoenix, Ariz. “You have to have some connection to a group or some organization to be a member of a credit union. I'm not sure if credit unions can make commercial loans.” Jim Gilinger Lawyer Santa Barbara, Calif. “While a bank is for everyone, a credit union is generally for people who are part of a union and they also offer more options for credit. Since credit union membership is usually more difficult for regular consumers to join I was happy when my husband's former job allowed us to join at no cost.” Jacqueline Licht Analyst Deerfield Beach, FL How Is One Eligible for Membership? “You can belong to a credit union through the company you work for or if you are part of a union, a teacher's union for example. They offer better rates for loans, savings accounts, CDs and Money Market Acct's.” Jill Kruszon Recruiter Coral Springs, Fla. “You used to generally have to work at a place that offered one to be eligible to join. But it's getting harder to tell the difference now that pretty much anyone can join a credit union.” Cheryl Haltiwanger High School Social Studies Teacher Columbia, S.C. Why Some Eligible Members Don't Join a CU “I know credit unions are cooperatives but I don't know if they had one where I used to work at Honeywell and Allied Signal. I know you have to be eligible to belong to one and I'm not sure you could do that here in Arizona. Anyway, I have never had a savings account at a bank or a credit union. I have never bought on credit – everything is done with cash. I don't want the obligation.” James Lambert Ret. Aerospace Engineer Phoenix “I can join Lake Worth City Employees CU because my husband is a firefighter for the City of Lake Worth. But it's not convenient for me to do my banking at a credit union. I have my account at locally-owned banks Suntrust and Fidelity Federal that are open nights and weekends. I shy away from one-branch facilities. Accessibility is important to me, so I need to do business with a financial institution that has multiple branches.” Kim Johnson Former banker (20 years), currently part-time bookkeeper and consultant. Royal Palm Beach, Fla. “A credit union is a very small bank that is owned by a union and we don't have an account at a credit union because my bank gives me free checking and savings- and in New York you've always got to look for the best bargains.” Michael and Kimberly Baxter Sales Development Executives New York, NY Some Members Lose Touch When Moving or Changing Jobs? “I'd be interested in finding out more about joining a credit union. I belonged to one back when I worked for the state of Nevada.” Mark Crawford Freelance Writer Columbia, S.C. “I have had a savings account at an Alexandria credit union, the one for city employees ($25 million City of Alexandria Employees Credit Union) for about 12 years. But I haven't really kept up contact much with it. I lost contact with the credit union when I moved on from that part of my life.” Hazel Brown Property Management Aid Arlington, Virginia “I used to belong to a teachers credit union when I lived in New Jersey. I closed down my accounts when I moved to Florida. I had a savings and checking account with them, also a car loan and credit card. I would join another credit union again if I had the opportunity.” Mary Kate O'Connor Former Teacher Wellington, Fla. Credit Unions Have Their Share of Fans – and Detractors “I would never have an account at a bank. My checking and savings accounts have been with the Motorola credit union, which as you know is now called TruWest, ever since I've been with the company (38 years). They are non-profit, they benefit the members and they give back interest on savings. I like it very much that I am an owner. Write your story and tell them that everyone should belong to a credit union.” Michael Wishousky Ret. Semiconductor Engineer, Motorola Corp. Mesa, Ariz. “We both had accounts through a local university because at the time they were offering a great deal on car loans, no fee checking but they didn't really have enough branches. We still have the account with just the minimum savings and when we moved I forgot to let the credit union know about the change of address. About six months later I got the credit union statement and it had listed a $25 “finders” fee for tracking me down to my current address. I guess they did me a favor but my main banking is with Bank of America I love the online bill pay it is just so easy, convenient and really cuts down on the time spent paying bills.” James & Amber Greco Graphic Designer/ RN Fort Meyers, FL And Oh By the Way… Here are some pithy, parting quotes that would have been a shame to cut. “Credit unions are insured by the FDIC and I also know you can use credit union ATMs to get cash in Arizona and in other states.” Melissa Williams Photographer Phoenix “Really, my wife keeps more of our books and financial matters, so she would be able to tell you more. But I do know she thinks very highly of the credit union's lower fees.” Charles Vafia Office Administrator Arlington, Va. “I tell you if I didn't work at a credit union when I was younger I wouldn't even know there were credit unions here in my area I never see or hear any advertisements.” Desiree Daher-Ganthier Homemaker Lake Worth, FL “We have a car loan through a credit union…because they approved us and the bank wouldn't.” Sherry Walker Soon to be stay-at-home mom Boonsboro, Md.