Credit Unions Have a Different Atmosphere

Credit unions, by offering lower service fees and better interest rates than banks, have carved out a niche for themselves in the financial services industry, according to a Nov. 26 article in a Delaware Business Journal.

While some credit unions may not have as expansive branch networks as banks, credit unions have an advantage in offering smaller, more consumer friendly options, the article said.

"It's a different atmosphere," said Patrick Mahaney, president/CEO of the Delaware Credit Union League, referring to the facts that unlike banks, credit unions are non-profits, have no shareholders, and have boards of directors composed of unpaid volunteers from the credit unions' membership.