Do you really know the difference between banks and credit unions? Take this quiz to find out:
1. Who owns a credit union?
A. Stockholders
B. Members
C. Board of Directors
2. Credit union boards of directors are monetarily compensated for their time and service.
A. True
B. False
3. Credit unions are:
A. Not-for-profit
B. Non-profit
C. For-profit
4. Credit union boards of directors are:
A. Members of the credit union just like you-local professionals who want the same things you want from your financial institution.
B. Not necessarily members of the credit union-they are just local professionals offering guidance.
C. There is no board of directors.
5. Service at a credit union is more personal and meaningful than a bank. Why?
A. Because we're nice folks.
B. Because banks have so many customers, they are simply too busy to spend time with you.
C. Because members are the owners, we're freed up to focus on our mission of helping people, rather than preserving a profit.
Ready for the answers? 1. B, 2. B, 3. A, 4. A, 5. C (and also A!)