Credit union eligibility requirements will vary based upon the specific cooperative a depositor is considering.

Credit unions are member-owned, not-for-profit cooperatives, explains the chairwoman of the Credit Union of Texas.

The biggest difference between the two financial institutions lies at their cores. Banks are for-profit entities that exist to earn profits for shareholders.

Credit unions exist to serve their members. By offering personalized service, lower costs for borrowing and higher interest payouts on investments, this option for personal financial accounts can help people make their money work harder for them.

NCUA is a United State government agency that is tasked with much more than insuring deposits.