|
Credit unions are not-for-profit financial cooperatives.
Credit
unions exist to serve members of a specific group within a community
and unlike most other financial institutions, credit unions do not
issue stock or pay earnings dividends to outside stockholders. Instead,
earnings are returned to members in the form of lower loan rates,
higher dividends on deposits, and fewer and lower fees.
Credit unions exist to help people.
The goal of credit unions is to serve its members well. And
because credit unions are designed to serve a specific group within a
community, credit unions are generally specially equipped and its
products and services designed to meet the sometimes-specialized needs
of its members. In fact, many members can expect that their credit union will be there for them in bad times, as well as good. Based
on this premise of serving a specific group within a community, credit
unions and their employees often get involved in community activities
by donating money, time and resources.
Credit unions are designed to give members equal access.
Each
credit union is governed by a volunteer board of directors, elected by
and from the credit union’s membership. Credit unions are an economic
democracy with each credit union member having equal ownership and one
vote — regardless of how much money a member has on deposit. At a credit union, every account holder is a member and, in turn, is a shareholder and an owner.
Credit unions are an all-around benefit!
Members
of credit unions benefit in a number of ways from their access to
competitive products and services to the financial benefits found in
lower loan interest rates and higher interest on deposits.
|
