Credit unions are non-profit member-owned cooperatives. You as a customer/member are the owner of the credit union, thus the credit union has an onus to have lo

Credit unions are non-profit member-owned cooperatives. You as a customer/member are the owner of the credit union, thus the credit union has an onus to have lower fees/loan rates but higher savings rates. Banks on the other hand are owned by shareholders. This can lead to a race to the bottom in terms of customer service in the name of keeping expenses low. Full disclosure: I serve on the board of a credit union; although, I also hold accounts at banks.