NOT-FOR-PROFIT:
The Credit Union Difference
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understand what makes your credit union different, it helps to know more about just what
a bank and a credit union are. While there are exceptions, each
institution can be described in a general way.
A Bank is a financial institution, chartered
by the state or federal government, which accepts
deposits and makes loans to people and corporations for a profit.
A Credit Union is a cooperative,
not-for-profit financial institution chartered by
the state or federal government, which is owned and
controlled by its members and organized to promote
thrift and provide credit to those who belong A credit union
may only serve members who share a common bond such
as that of employment, community or organization.
Your
credit union may offer many of the same services
as other financial institutions. Unlike them, your
credit union is not in business to make a profit.
It exists to provide you with a safe, convenient
place to save and to obtain loans at a reasonable
rate. And since it is a cooperative, your credit
union is not owned by a company, by an individual,
or by some distant corporation with little interest
in you beyond how much profit it can make. You
own your credit union or at least a share in it so
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SERVICE
TO MEMBERS:
People Helping People
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credit union commitment to service is as old as the
credit union movement itself. Ever since the first one was formed
in the United States in 1908, credit unions have grown
and prospered because of a deep-rooted belief in the
idea that peoples dreams can become real when they work together.
The
dedication to this principle is just as strong today
as it ever was. But what does that mean to you?
Simply
put, its your assurance of a fair deal. Here are
the facts:
Credit Unions Offer an Attractive
Rate on Savings. Dividend-paying share and
share draft accounts (similar to checking accounts
with interest) provide competitive and often higher rates when compared to other financial institutions.
Credit Unions Have Affordable
Loan Rates. While rates may vary from place to place and time to time, credit unions consistently offer affordable
rates. Just as important, your credit union can often
cut through much of
the unnecessary red tape to get you that loan faster.
Credit Unions Have Fewer Costly Fees.
Your credit union isn’t looking to “nickel and dime”
you with service charges simply to make a little
extra profit. In fact, it is widely known that credit
unions, unlike some other financial
institutions, usually charge only a nominal fee, or none
at all, for many services.
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FULLY
INSURED:
Your
Safety Net
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unions are ideally suited to be your first choice in financial matters.
If your money is entrusted
to your credit union, it couldn’t be in
a safer place. Like other insured financial institutions,
your credit union is covered by an insurance fund
established
and maintained to protect your money.
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Today’s
world offers a sometimes bewildering choice
of options when it comes to money matters from where to get
the best rate on your savings to how to get the best deal
on a loan. Your credit union is there to help sort out
some of these options.
So
when it comes time to decide where to save
for the future, where to obtain loans for today,
or where to turn for you everyday financial needs, think
of you credit union first. You own it. You
have a share in its future. And its safety
is insured.
But above all, your credit union’s personally friendly service
and commitment to your goals springs from a
fundamental difference
among financial institutions.
In a word: not-for-profit.
And that’s your guarantee of a fair shake.
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