|
|
About Credit Unions
The Credit Union Difference
Not-For-Profit: Most financial institutions operate to make a profit for stockholders. Credit unions return their profits, after expenses and reserves, to members in the form of dividends on savings, low rates on loans, and new or improved services Member-Owned: At credit unions, no one person or organization runs or owns the credit union. Each member is an owner. In fact, each member has one vote in electing the upaid volunteers from among the membership who serve on the board of directors and on other committees.
Locally-Owned: Credit unions are locally owned by their members. They are among the only remaining locally owned financial institution in the state.
Safety & Soundness: Credit unions are insured up to $100,000 per person by the National Credit Union Administration (NCUA), an agency of the federal government, and meet the high standards of safety and soundness.
Volunteers: Hundreds of thousands of people volunteer their time each year to credit unions. Their efforts exemplify the credit union philosophy of “People Helping People” and contribute to credit union success.
Consumer Education: Credit unions continually provide their members with valuable financial information. The importance of regular savings for college, retirement, monthly budgeting, and current issues are communicated to members through publications, seminars and workshops.
Sponsors: Credit unions are often sponsored by companies, churches, fraternal organizations or other groups with similar interests. Credit unions also exist for members of certain neighborhoods or communities. Many credit unions extend their membership to the families of current members and select employee groups.
|
 |
