When many of our Detroit credit union members learn that banks are for-profit institutions designed to make money for their owners, they immediately conclude that a credit union is a non-profit. Public Service Credit Union is a 501(c)(14) non-profit, but that designation might sound different from the most common one you hear: 501(c)(3). Read on as… Continue reading Are Credit Unions Non-Profit?
You’ve been reading about how great it can be to drop your bank and find a credit union near Detroit or Romulus, and now you’re wondering if credit unions aren’t too good to be true — you’ve just discovered that credit unions are not FDIC insured. The FDIC only insured deposits in banks and savings… Continue reading Are Credit Unions FDIC Insured?
When our Detroit and Romulus residents first learn about credit unions — often by visiting or joining Public Service Credit Union — there’s a strange sense of disbelief. How do credit unions work? We’ve already talked about what a credit union is and how easy it is to join a credit union, but that doesn’t… Continue reading How Do Credit Unions Work?
Life in Detroit isn’t always cheap, and it’s important to be able to save wherever you can — and that includes your banking. Banks may hold your money and provide financial services to you, but at the end of the day, their goal is to make money for whoever owns them. If you already have… Continue reading Credit Unions vs. Banks in Detroit