The Credit Union Advantage
While both credit unions and banks offer similar products and services (checking, credit cards, etc.), that's about the only similarity. Here are the differences

Credit Union
  • Not for profit, not for charity, but for service. Without "profit motive", make decisions based on what's best for members
  • Financial cooperatives. Members pool their savings to provide low-cost loans and low fee services to each other.
  • Each member is an equal owner
  • Exist solely to serve their members. A person must be within the credit union's field of membership, as defined by their charter, in order to join
  • Unpaid volunteers from the membership serve on the Board of Directors and guide the credit union
  • As owners, members elect fellow members to serve on the Board of Directors
  • Income is returned to members in the form of better savings rates, lower loan rates, and low or no fees for services
  • Like other not-for-profit institutions, credit unions are exempt from paying federal income tax
  • Deposits are federally insured up to $250,000.00 by NCUA, a government agency

  • Generate profit for stockholders. Make decisions based on what will give stockholders more profit
  • Commercial businesses. Offer services to make a profit
  • People who buy stock in the bank own shares of the business
  • The Board of Directors is paid a salary.
  • Only people who own stock can vote for the Board of Directors. The customers who use the bank do not have a say
  • Income is returned to the stockholders in the form of higher dividends on their shares of stock
  • Like other for-profit businesses, banks must pay taxes to the government
  • FDIC, a government agency, federally insures deposits up to $100,000

539 Arnett Boulevard
Danville, VA 24540

314 Lowes Drive
Danville, VA 24540

1901 Goodyear Boulevard
Danville, VA 24541

142 South Main Street
Danville, VA 24541

701 Broad Street
Danville, VA 24541

230 South Ridge Street
Danville, VA 24541

228 Cleveland Street
Danville, VA 24540

13701 US Highway 29, Suite I
Chatham, VA 24531

4018 Halifax Road
South Boston, VA 24592

1 High School Circle
South Boston, VA 24592

796 Commonwealth Boulevard
Martinsville, VA 24112

URW Routing Number: 251480482

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Equal Housing Lender
NMLS# 368135
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