Talk About the Credit Union Difference

Chances are, no matter how young your child is, she knows (at least in a basic way) what a bank is. But does she know what a credit union is?

Spend a little time discussing both the similarities and the differences between banks and credit unions in a way that your child will understand. Explain the difference between being a member/owner and being a customer. Explain the services that are offered by both, how profit works, and that credit unions are not-for-profit. Growing up with a clear knowledge of the differences and the benefits of credit unions will help your child make informed decisions when choosing a financial institution as an adult.

Ten facts about credit unions

Being a member of a credit union is a coup for your finances for many reasons. Here are just a few facts that make credit unions a great option.

Fact #1: President Roosevelt signed the Federal Credit Union Act in 1934 to promote thriftiness and prevent usury during the Great Depression.