Both banks and credit unions accept deposits, make loans, and provide a variety of other financial products and services. However, banks exist to make a profit since they are owned by groups of external shareholders primarily interested in obtaining a sufficient rate of return on their investments. As such, banks tend to charge clients higher fees and transaction costs. Owned and managed by actual members, credit unions focus less on profit and more on providing quality products and services that most effectively benefit all. While banks focus on profit maximization, credit unions exist so that individuals can form a cooperative and assist others financially.
At First Miami, this same philosophy holds true. Members of the First Miami team strive to provide all members with the most affordable products and services possible while also teaching Miami students the importance of financial management and knowledge.