Q: For those who may be confused about the difference between traditional banks and credit unions, what does it mean to be a member and how would someone become one?
Steve Swofford (CEO of Alabama Credit Union): While credit unions offer many of the same services as commercial and community banks, the structure is very different. Banks are for-profit organizations owned by stockholders who expect a return on their investment. Credit unions are not-for-profit cooperatives owned by their members,…
