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Knowledge Base

Credit Unions are Different from Banks

What Is a Credit Union and How Do Credit Unions Differ From Banks?
Who Owns a Credit Union and How Is a Credit Union Governed?

Credit unions are not-for-profit organizations that are owned by its members whereas banks are for-profit institutions owned by shareholders. Once you join a credit union you are officially a part-owner of the institution. Every member, regardless of the amount in their account, can cast a vote to elect the credit union’s Board of Directors–a governing body that serves and represents the best interest of the members.

Because of these reasons, we are able to pass substantial savings on to our members in comparison with other financial institutions. You could save hundreds – perhaps thousands – of dollars each year by using credit union services as opposed to a commercial bank. As a member-owned financial institution, Truliant returns operating profits to our members, so you can enjoy:

  • Fewer fees
  • Lower loan rates
  • Potentially higher rates of return on savings accounts
  • Personal attention
  • Free financial education
  • And more!

Who can join Truliant?

Truliant is community chartered. This means if you live, work or worship in the area we serve, you can join. If you have a family member that is a Truliant member, you can join as well.