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SWOTT Analysis Introduction The number one question that pops into people's minds when deciding on where they are going to open up a checking account is what is the difference between a credit union and bank. Many people are unaware of the true differences that stand between banks and credit unions and generally go with the bank logo they see the most due to convenience. The difference is simple, banks are for profit financial institutions, and credit unions are not-for-profit financial institutions. Majority of credit unions are able to offer lower rates on all products and services offered due to being member owned, not stockholder owned. Most customers receiving a service in a bank considers them just a number and not an actual customer because it based on making money not creating a lasting impression. "Arizona Federal was established on October 23, 1936 when a small group of City of Phoenix employees pooled their resources to form Phoenix City Employees Federal Credit Union. They started with fewer than 50 members and an average account balance of $5. The credit union has since expanded to manage over $1.3 billion in assets from 200,000 member accounts in 15 branch locations" ( Arizona Federal, 2010 ).
|Strengths |Weaknesses |
|Great Member Service |Employee Retention |
|Competitive Rates |Successful Competiors |
|Opportunites |Threats |
|Growth

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