When choosing where your financial needs are best met, it’s important to first understand the difference between banks and credit unions. Check out this side-by-side comparison:

Bank or Credit Union?

What’s the Difference?

FOR-Profit Insitutions

NOT-for-Profit Cooperatives

Privately Owned or Publicly Traded

Owned by Members Sharing Common Bond

Deposits up to $250,000.00 insured by FDIC

Deposits up to $250,000.00 insured by NCUA

Services Provided to Anyone

Services Provided to Members Only

Salaried Board of Directors Elected by Shareholders or Appointed by Owner

Volunteer Board of Directors Elected by Members

Higher Loan Rates

Lower Loan Rates

Lower Savings Interest

Higher Savings Interest

More and Higher Fees

Fewer and Lower Fees

Profit Focused

Community Focused

No-Fee Transactions at Bank-Owned ATMs Only, with Surcharges on Transactions at “Outside” Bank ATMs

No-Fee Transactions at more than 30,000 ATMs of Shared Branch Locations Nationwide

Full Array of Investment Instruments, Including Complex, High-Risk Types  

Full Array of Investment Instruments That Meet All the Needs of Everyday Investors

High Personnel Turnover

Familiar Faces Every Day, Year-Round

As you can see, there are significant differences between traditional banks and credit unions. Both provide essentially the same financial services, but from very different points of view. For individuals who travel and conduct business overseas or desire a portfolio of complicated, high-risk investments, traditional, for-profit banks have a slight edge.

For everyone else, Fairfield Federal Credit Union provides all the financial services you need, usually at a lower cost. Not to mention the comfort and confidence of a locally based cooperative dedicated to the prosperity of your own community, where people you know endeavor to serve your financial needs personably and professionally.

Fairfield Federal Credit Union is 11,000 members strong, with assets among the highest of any credit union in Jefferson County, giving you a great sense of comfort that your funds are as safe and secure as they can be.