What is a Credit Union Anyway?
An in-depth look at what makes credit unions tick.
What is a Credit Union?
Credit unions are not for profit community-based financial institutions.
- Democratically Controlled and Member-Owned
- Used like a Bank, but Organized like a Cooperative
- Governed by a Volunteer Board of Directors
How They Work:
- Buy a Share in the Credit Union to Become a Member
- Your Savings are Loaned to Other Members
Profits are Used to:
- Reduce Fees and & Improve Interest Rates on Deposit Accounts
- Educate the Membership
- Donate to Community Organizations
Why People Love Them:
- Driven by a Strong Social Mission
- Value People Over Profit
- Return Profits to Members and Communities