What is a credit union?
In its simplest terms, a credit union is a not-for-profit financial cooperative. Members pool their money so that other members may borrow. The earnings from these loans are returned to the membership at large in the form of higher dividends paid on savings and lower interest rates on loans. A credit union exists solely for the sake of its members!
Who can join a credit union?
Membership in a credit union is limited to people who share a common bond, typically employment or geography.
Who owns a credit union?
Every member has an equal share of ownership and an equal vote in matters concerning the credit union, including the election of its board of directors.
What does the board of directors do?
These members volunteer their time and expertise to make sure the credit union remains financially strong for the benefit of all members.