The Difference

Credit unions are unique and different from other financial institutions (i.e. banks).  This distinction allows credit unions to work with people and keep the focus on the financial interests of their members instead of the profitability of faceless stockholders.  See how credit unions are different:

• Not-for-profit.  Credit unions are not-for-profit financial cooperatives.  We exist to serve our members, not to make a profit. Unlike other financial institutions, credit unions do not issue stock or pay dividends to outside stockholders.  Instead, earnings are returned to our members in the form of lower loan rates, higher interest on deposits, and lower fees.
• Ownership. Credit unions are an economic democracy.  Each credit union member has equal ownership and one vote, regardless of how much money a member has on deposit. At a credit union, every member is also an owner.
• Volunteer Board of Directors.  Each credit union is governed by a board of directors, elected by and from the credit union's membership. Board members serve voluntarily.
• Membership Eligibility. By current federal statute, credit unions cannot serve the general public. People qualify for a credit union membership through their employer, organizational affiliations like churches or social groups, or their residential or employment community.
• Financial Education.  Credit unions assist members to become better-educated consumers of financial services.
• Social Purpose.  People Helping People.  Credit unions are “for people, not profit”.  Our goal is to serve all our members well, including those of modest means.  Every member counts!  Our members are fiercely loyal for this reason.  They know their credit union will be there for them in bad times, as well as good.  The same people-first philosophy causes credit unions to get involved in community charitable activities and worthwhile causes - just ask us.