What is a key characteristic that credit unions have compared to banks?

Credit unions have a distinct characteristic in that they generally offer lower fees and better rates for members. This is largely due to the fact that credit unions are not-for-profit organizations that operate on a cooperative model. Instead of prioritizing profits for shareholders, credit unions focus on serving their members, which often translates into more favorable lending rates and lower service fees compared to traditional banks. This member-focused approach allows credit unions to provide financial services that are more accessible and affordable, fostering a sense of community among their members.