system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: what is a credit union an how does it differ from a bank

I'm 18 and never really learned about financing. On a thread recently some people mentioned how credit unions are better than banks. What are they? How do the operate? And what makes them better or worse than banks. Thank you!
EDIT: thank you all for your answers. I'm stuck then with the question, what's the point then in banks? They just seem worse in every way.
gpt
The main difference between a bank and a credit union is ownership. In a credit union, each member is an owner. You get to vote on the board of directors who in turn keep tabs on the CEO and the executive team who make big decisions.

In a bank, individual members (depositors) don't have any say. Ownership belongs to the shareholders who vote on the board of directors. Those who own more shares, get more votes and thus have greater sway over what the executives of the bank do.

Also, a bank is going to be profit driven. Banks make money on the interest gained when they loan your money out to other people, as well as other investments.  A credit union is usually a not-for-profit. Any big gains in the union's investments would be spread amongst all the members.

Apart from that, the two offer the same services. Bank accounts, mortgages, loans... some do insurance etc.