Staley Museum In The News

Celebrating 95 Years of Staley Credit Union

What is a credit union and how is it different from a bank?

Credit unions and banks are similar in that they both offer savings and checking accounts, loans, mortgages, credit cards, and more. Like a bank, you can find them all over the country. However, there are a few key differences.

Credit Unions are not-for-profit institutions that emphasize investing in their local community and improving the lives of their members. Sometimes, in order to be a member at a credit union, there are work or living requirements. A person may need to work for a specific company or live in a specific area. In the case of the Staley Credit Union and its beginning, members needed to be Staley employees or an immediate family member of a Staley employee. In later years, the Staley Credit Union opened membership to the community with no work requirement.

Banks are for-profit institutions owned by shareholders who expect to earn dividends. They are typically more numerous than credit unions and a National bank can have branches all over the country making them easy to locate.

Credit unions and banks similarly insure their members’ money. Banks have the FDIC (Federal Deposit Insurance Corp.) while credit unions have the NCUA (National Credit Union Administration). Both options are safe to use.

Whether a person uses a bank or credit union is up to the individual and their financial needs.

Image from the July 1930 Staley Journal ... See MoreSee Less

... See MoreSee Less

... See MoreSee Less