2 points
With a bank, they operate to maximise profit for their shareholders (not members / customers).
With a credit union, you buy a share when you open an account which means every member/ customer is also a shareholder. As they run to maximise profit for their own customers, that means decisions and pricing is made that benifits the customer.
The result is cheaper (or no) fees, better interest rates on loans, higher interest rates on savings accounts, and usually way more flexible on things like paying back extra on home loans.
In Australia, Credit Unions (and building societies) are covered by the same government guarantees that Banks are so the old fears of your money not being safe are stupid.
