WHAT’S A CREDIT UNION
A credit union, which is member-owned, is a not-for-profit financial institution run for the benefit of its members. After expenses and reserves, most of a credit union's earnings are returned to members through high dividends on savings, low-cost loans, and low-cost services.
Another credit union difference is the volunteers, who give time and talent to assure the success of our people-helping-people business. The credit union benefits from volunteers with experience, backgrounds in various capacities, and diversity reflecting the whole membership. Volunteer skills also contribute to credit unions' traditionally low operating costs compared with banks and other for-profit institutions.
The board of directors of the credit union serves without pay. These dedicated volunteers bring a plethora of personal and professional experience to their deliberations in the policy-making body of the credit union experience that often is beyond monetary price. The same is true of the many members who serve on committees controlling the records and safeguards, credit policies, personnel, and other important facets of the credit union’s operation.
Credit union volunteers prove in practice the credit union principle that by working together, people can achieve a better life for all.