Credit Union vs. Bank

American Heritage is a credit union, not a bank. Since we provide all of the same services and conveniences as a bank, what makes American Heritage different – and better?

American Heritage Charges You Less and Pays You More

American Heritage consistently has fewer and lower fees, lower rates on loans, and higher rates on savings than a bank.

American Heritage is a Not-for-Profit Organization

American Heritage is a not-for-profit organization. Our mission is to improve the financial lives of our members.

As a financial cooperative, our funding comes from the pooled accounts of our members. We use those funds and fee income to provide members with interest on their savings, new and improved services, and a wide range of loans – personal, student, auto, business, mortgages, credit cards.

Banks, on the other hand, are for-profit organizations. Their mission is to make the maximum amount possible on loans and fees, and pay the least possible on interest-bearing accounts, so that they can report a profit to their owners.

Since American Heritage is a not-for-profit, we are able to pay higher interest rates on savings, money market and interest-earning checking accounts. At the same time, the interest rates we charge on credit cards and auto loans are lower: on average, they are one-half to one percentage points lower than conventional bank rates, which can add up to a lot of savings over the lifetime of a loan.

American Heritage is Owned by You, our Members

As a credit union, American Heritage is owned by our membership. You have a say in how we operate. You and other members elect a volunteer board of directors to oversee the credit union. The American Heritage President/CEO reports to this board.

By contrast, banks are owned by investment stockholders. The directors of a bank are paid and are legally bound to make decisions that benefit the stockholders. The stockholders expect the bank to make money for them – not for the bank’s customers.

American Heritage is Dedicated to Your Financial Health

Managing your finances properly requires a combination of education about financial terms and practices and tips on how best to make the best decisions. American Heritage provides both for its members.

Your American Heritage representative will be happy to discuss any financial matter with you. Stop in any branch with your questions.

We provide a number of online resources, including mortgage calculators and interest rate charts. We also host seminars on finances both online and in the community. And we regularly publish newsletters and brochures with information to improve your financial smarts.

At American Heritage, We Treat You Like Family

American Heritage will never be a faceless, business-first organization. We are a community of members. We live and work together. We are family.

We Offer You the Right Financial Solutions Because You’re Family.

Learn About American Heritage from American Heritage FCU on Vimeo.

Have Questions? We’re here to help!

Our friendly, knowledgeable staff is ready to assist you.
Visit a branch
Speak to a representative (Business hours 8 a.m. to 6 p.m., Monday – Friday except Holidays): (215) 969-0777
Phone outside the Philadelphia area: (800) 342-0008
Via online live chat