Have you ever heard anyone talk about their Credit Union? They say “This is my Credit Union”, and they mean it!  Unlike banks, Credit Unions are owned and operated by their members. When you put your money into a credit union, you own shares in that Credit Union.

1. Your Credit Union is owned by its members, who democratically control it.
Members elect the Board of Directors. Annually members meet the Board to hear reports of the Board and the Committees, and are able to ask questions and get answers. Each member has one vote, no matter how much or how little money is deposited or borrowed.

2. Your Credit Union is a not-for-profit cooperative.
Because your credit union is a member-owned cooperative, there is no inner group of stockholders who benefit personally from its success. After normal operating expenses and allocation to reserves, your credit union’s net earnings are distributed to your members as dividends, reduced interest charges, and/or improved services. That is why credit unions are described as “not-for-profit”. They are not, however the same as charitable or “nonprofit” organizations.

3. Your Credit Union relies heavily on volunteers for direction.
Your Board of Directors and committee members volunteer their time to fulfill the expectations of your membership, ensure quality service, and maintain fiscal safety and soundness. These volunteers are unique in the financial world in that they assume tremendous responsibilities and demanding workloads without monetary compensation.