Cleveland Selfreliance Fed Credit Union

Banks are for-profit, while Credit Unions are not-for-profit. Credit unions not-for-profit status means that their earnings are returned to members in the form of lower interest rates on loans and higher interest rates on savings accounts, focusing on the well-being of the members. Banks being for-profit, means that their primary role is to generate a profit for their shareholders.

Credit unions offer the same level of security for your money as banks but are more community-based than they are national. Individual member deposits are insured up to $250,000 by the National Credit Union Administration.