In Florida, credit unions are a super popular alternative to traditional banks. They follow a totally different business model, which can often mean lower fees and better rates for you. Here is a quick look at why they are different and who keeps them running fairly.
The big difference is ownership. Credit unions are **non-profit cooperatives** owned by their members. Banks, on the other hand, are owned by shareholders. Because CUs don't have external shareholders to pay, they return profits to their members through:
To join, you typically need to share a "field of membership"—such as working for a certain employer, belonging to an association, or living in a specific county. These fields are often pretty broad now, so almost everyone can join one.
Just like banks, credit unions are heavily monitored. Deposits are federally insured, but by a different agency:
Florida is home to a robust credit union sector, especially those serving large employers (like utility companies or defense contractors) or specific public sectors (like school systems or municipal workers). Many CUs have grown so large they have extensive branch networks across the state, making them major competitors for traditional banks.
If you are looking for a place to put your cash that prioritizes member benefit over shareholder profit, a credit union is definitely worth investigating. It's often where people find the best **ratez** on loans.