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The Credit Union Difference!

Credit Unions are financial cooperatives. They are organized for the purpose of providing financial services to a certain group of people – the members.
Purpose...Credit Unions exist not for charity, not for profit, but for service.
Others – to make a profit.
Definition...Credit Unions are financial cooperatives owned and controlled by their members.
Others – financial institutions that are owned by groups of shareholders who may or may not have accounts there.

Governance...Credit Unions are democratically structured, every member has an equal say about a credit union’s goals, functions, and services.
Others – Depositors are not guaranteed a vote. In a bank or savings and loan, only shareholders may vote on goals, functions, and services. In mutual banks, votes are weighted according to amount of deposits.

Directors...Credit Union members elect the directors who volunteer their time.
Others - Board members are elected by their shareholders and are paid.
Earnings...Credit Union earnings are returned to members in the form of higher savings rates, lower loan rates, no or lower fees, and improved services.
Others – Earnings are returned to shareholders.

Capital...Credit Unions can build capital only through their earnings.
Others – Capital is obtained through investments by shareholders.