As
a
not-for-profit
organization,
SunState
Federal
Credit
Union
operates
with
a
different
focus
than
a
bank.
Any
profits
SunState
earns
are
returned
to
the
members
who
are
the
owners
of
the
credit
union
in
the
form
of
improved
services,
fewer
fees,
lower
interest
rates
on
loans
and
higher
dividends.
The
chart
below
makes
a
comparison
between
credit
unions
and
banks.
| Credit
Unions |
Banks |
| Not
for
profit,
not
for
charity,
but
for
service.
Without
"profit
motive,"
make
decisions
based
on
what's
best
for
members. |
Generate
profit
for
stockholders.
Often
make
decisions
based
on
what
will
give
stockholders
more
profit. |
| Financial
cooperatives.
Members
pool
their
savings
to
provide
low-cost
loans
and
low-fee
services
to
each
other. |
Commercial
businesses.
Offer
services
to
make
a
profit. |
| Each
and
every
member
is
an
equal
owner. |
People
who
buy
stock
in
the
bank
own
shares
of
the
business. |
| Exist
solely
to
serve
their
members.
A
person
must
be
within
the
credit
union's
field
of
membership,
as
defined
by
their
charter/bylaws,
in
order
to
join. |
Serve
customers
from
the
general
public.
Anyone
can
use
a
bank. |
| Unpaid
volunteers
from
the
membership
serve
on
the
Board
of
Directors
and
guide
the
credit
union. |
The
Board
of
Directors
are
usually
paid
a
salary. |
| As
owners,
members
elect
fellow
members
to
serve
on
the
Board
of
Directors. |
Only
people
who
own
stock
can
vote
for
the
Board
of
Directors.
The
customers
who
use
the
bank
don't
have
a
say. |
| Income
is
returned
to
members
in
the
form
of
better
savings
rates,
lower
loan
rates
and
low
or
no
fees
for
services. |
Income
is
returned
to
the
stockholders
in
the
form
of
higher
dividends
on
their
shares
of
stock. |
| Like
other
not-for-profit
institutions,
credit
unions
are
exempt
from
paying
federal
income
tax. |
Like
other
for-profit
businesses,
banks
must
pay
taxes
to
the
government. |
| Deposits
are
federally
insured
for
up
to
$100,000
by
the
National
Credit
Union
Administration,
a
government
agency.
The
Fund
is
currently
at
the
strongest
and
best
reserved
level
in
it's
history. |
Deposits
are
federally
insured
for
up
to
$100,000
by
the
FDIC,
a
government
agency. |
