Title: The Pros and Cons of a Credit Union Versus a Bank
Article Snip: "Credit unions can offer higher savings rates compared with traditional banks. ...The main difference between a bank and a credit union is that a bank is a for-profit financial institution, while a credit union is a nonprofit. ...Credit unions are insured by the federal National Credit Union Administration, which provides the same protections that the Federal Deposit Insurance Corporation applies to banks – insurance coverage on deposits up to $250,000. NCUA's website allows credit union members to check on their insurance coverage; the agency also recommends checking for a prominently displayed sign at the credit union that says it is NCUA-insured."
Reference: usnews.com