Last week, New Jersey Credit Union League President/CEO Paul Gentile was a guest on Ebru Today, a national television news show, to speak about the differences between banks and credit unions and the benefits of joining one of these not-for-profit cooperatives.
“Credit unions are a great opportunity for consumers today,” Gentile states as he explains that credit unions are nonprofit financial cooperatives, which means all the accountholders are owners of the credit union. Unlike banks, which have shareholders to please, credit unions give back to their membership, Gentile explains. All of the profits of a credit union go to the lending and saving needs of the membership.
Gentile goes on to explain that the services offered to consumers by credit unions and banks are the same, but credit unions aren't participating in the same risky investment activities as banks. A major difference, and benefit to consumers, is that the fee structure at credit unions is much lower than at banks.
A video of Paul Gentile’s interview on Ebru TV is available for viewing on the League home page www.njcul.org and on YouTube by clicking here.