MADISON, Wis. (12/12/11)--A new, independently produced YouTube video provides a simple, understandable description of the difference between credit unions and banks.
The video has begun making the rounds virally. In the 43-second animated video, a child narrator asks, "What is the difference between a credit union and a bank?
"A bank is in business to make a profit," the narrator explains. "It is owned by shareholders. They use your money to make more money. Then they charge you banking fees, so they can make a profit for their shareholders.
"A credit union, however, is owned by you, the account holder," the video continues. "It's a safe, insured place to bank, with no unnecessary fees. You share in any earnings and the money stays in your local community."
To see the video, use the link.