What is the difference between a Credit Union and a Bank?

A Credit Union is a not-for-profit cooperative owned by its members, run by a volunteer board of directors where members have a vote - your opinion matters. A bank is a for-profit financial institution owned by its stockholders, run by a paid board of directors. With a bank, profits go to the stockholders. At a Credit Union, the profits are returned to the members through lower loan rates and fewer fees. Credit Unions exist to serve their members (you) rather than to maximize corporate profits.