While banks and credit unions are both financial institutions that offer similar services (checking and savings accounts, auto loans, and mortgages), the main difference between a bank and a credit union is that "customers" of a credit union are members, and they own the institution. A bank is a company, and like most companies, a bank aims to maximize profits for its shareholders. A credit union is a cooperative, not-for-profit, institution that is owned by its members (customers) who elect a board of directors. Credit unions tend to focus on members' needs and attempt to provide credit at reasonable rates along with superior member service.