Credit Unions vs Banks
Learn what makes a credit union different from a bank. From great rates to exclusive member benefits and perks, you will see why many people make the switch.
What Sets Us Apart
| Feature | Typical banks | Community First Credit Union |
| Ownership | Owned by shareholders or private owners | Owned by members |
| Profit model | For-profit, with earnings benefiting shareholders | Not-for-profit, with earnings reinvested to benefit members through better rates, lower fees, and services |
| Customer relationship | Account holders are customers | Account holders are members with equal voting rights and the ability to elect the board of directors |
| Governance | Board decisions are driven by business returns | Members elect the board of directors and board service is volunteer-based |
| Insurance | Deposits are federally insured by the FDIC up to $250,000 per depositor, per ownership category | Deposits are federally insured by the NCUA up to $250,000 per member, per account type |
| Rates and fees | Often higher fees and less favorable rates | Typically offers lower fees and better rates because the focus is member value |
| Community focus | May support communities, but profit growth is a primary driver | Built to serve members and strengthen local communities through a relationship-based approach |
| Products and services | Checking, savings, loans, and other financial products | Checking, savings, loans, mortgages, and investments for consumers and businesses |
| Member experience | Often more transactional | Designed to be more personalized, local, and member-focused |
FAQ
Community First Credit Union membership is open to anyone who lives, works, or attends school in one of the following Florida counties: Baker, Brevard, Broward, Clay, Duval, Flagler, Indian River, Lake, Martin, Nassau, Orange, Palm Beach, Putnam, Seminole, St. Johns, St. Lucie, or Volusia.
Membership is also open to any relative of an existing or eligible Community First Credit Union of Florida member. We also offer membership to select employer groups, including employees of Brooks Rehabilitation, Miller Electric Company, and Web.com. Not sure if you qualify? Contact us.
If you're considering becoming a credit union member, explore our fee schedules in our disclosures section. Discover the difference in our checking accounts, loans, credit cards, and more.
See our rates on loans and deposits here. Compare to major banks and discover the difference. Use our free calculators to illustrate how much your deposits can earn, and how much you can save on loans.
A credit union is a not-for-profit financial institution that accepts deposits, offers loans, and provides an array of fiancial services. A credit union is member owned, and members elect their own volunteer board of directors.
Membership is limited to a field of membership. This can include an employer group, family, school, or geographic location.
A key distinguishing factor that often makes credit unions more attractive than banks is that profits are not paid to shareholders. They are returned to member owners in the form of dividends.