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Why Credit Unions?

Credit unions worldwide have members, not customers. They offer those members from all walks of life needed financial services and much more.


WHAT IS A CREDIT UNION

A credit union is a customer/member owned financial cooperative, democratically controlled by its members, and operated for the purpose of maximizing the economic benefit of its members by providing financial services at competitive and fair rates.

FINANCIAL INCLUSION

Access to affordable, reliable and self-sustainable financial services improves lives on many different levels. Credit unions work to expand services to people of all income levels.

GLOBAL BENEFITS

85,000 credit unions in 118 countries improve the lives and communities of 274 million members.

The Credit Union Difference

How do we differ from banks and other financial institutions?

CLIENTELE

Members share a common community, occupation or place of work.  Service to the working poor is blended with service to a broader spectrum of the population, which allows a credit union to offer competitive rates and fees.

GOVERNANCE

Credit union members elect a board of directors from their membership. Members each have one vote in board elections, regardless of their amount of savings or shares in the credit union.

EARNINGS

Net income is applied first to adequacy requirements.  Member owned capital structure, compared to stockholder capital, allows the credit union to manage surplus to lower interest rates on loans, higher interest on savings or new product and service development.