About Credit Unions
What is a credit union and how is a credit union different than a bank? Credit unions are not-for-profit organizations that exist to serve their members. Like banks, credit unions accept deposits, make loans and provide a wide array of other financial services. But as member-owned and cooperative institutions, credit unions provide a safe place to save and borrow at reasonable rates.
You’re more than a member, you are a part owner.
Credit unions are owned and controlled by the people, or members, who use their services.
Your vote counts. A volunteer board of directors is elected by members to manage a credit union.
Credit unions are not-for-profit.
Credit unions operate to promote the well-being of their members.
Profits made by credit unions are returned back to members in the form of reduced fees, higher savings rates and lower loan rates.
Credit union members share a common bond.
Many credit unions serve anyone that lives, works, worships or attends school in a particular geographic area. Membership in a group, such as a place of worship, school, labor union or homeowners’ association may also qualify you to join.
Many employers also sponsor their own credit unions and most credit unions allow members’ families to join.
Credit union members often have shared interests
Members often have shared interests and appreciate participating in an institution designed to help other members.
Credit unions may provide financial education and outreach to consumers, in-school credit union branches, and small business needs.