While banks and credit unions offer many of the same products and services, there’s a big difference in the way the two are structured. As a credit union, Otoe-Missouria Federal Credit Union is owned by the people who use our products and services–YOU, our member.
As a not-for-profit cooperative financial institution, OMFCU is owned and operated by its members and serves the financial needs of the Otoe-Missouria Tribe of Indians, its employees, and its businesses. We exist to serve our members, not to make a profit.
Here are some other differences between credit unions and banks:
| Credit Unions |
Banks |
| Member-owned |
Owned by a small group of shareholders |
| Not-for-profit cooperative |
For-profit corporation |
| Earnings returned to members through better rates and fees |
Profits paid to shareholders |
| Self-governed by an unpaid, volunteer board of directors |
Led by shareholders who collect the bank's profits |
Board elected democratically by members
one member = one vote |
Only shareholders vote
more shares = more votes |