How do credit unions differ from banks?

How Floridacentral Credit Union is different from banks and why it matters for you

Although banks and credit unions offer similar financial products and services, there are key difference that can affect your experience. 

Not-for-Profit - Caring hands

Floridacentral is not-for-profit

Banks are for profit which affects the amount banks charge in fees and interest. Credit unions, like Floridacentral, are not-for-profit.

Why it matters

Banks are motivated by profits to benefit their stockholders. Floridacentral is not-for-profit, so the money we earn goes right back into benefiting our members. That’s why we can offer better rates and lower fees compared to many banks.


Floridacentral is member-owned

At a bank, you are simply a customer. You have no ownership in the business. When you open an account at Floridacentral, you become both a member and part owner

Why it matters

Floridacentral does not answer to outside shareholders. Our members are the owners, so we operate with our members’ best interests in mind. Being member-owned means the decisions we make will always be advantageous for our membership and our community.

Democratically-controlled - voting box

Floridacentral is democratically controlled

Banks are controlled by paid officials. Floridacentral is democratically controlled by our member-owners. 

Why it matters

As a customer of a bank, you have no say in how it runs. At Floridacentral, each member has an equal vote in how the credit union runs. Our board of directors and governing committees are made up of members just like you!

Financial Cooperative - Teamwork

Floridacentral is a financial cooperative

Floridacentral is structured differently than a tradition bank. It is a financial cooperative — a financial institution that it is owned and operated by its members.

Why it matters

Floridacentral offers a rewarding community approach to finances. The financial cooperative structure allows our members to get the financial products and services they need while enjoying better rates, lower fees, and an overall better service experience.


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