The Credit Union Difference

"Understanding what makes credit unions unique in the financial world"

A Credit Union Member Is More Than a Customer!

If you are one of the over 86 million Americans who are credit union members, you belong to an institution that is unique in the financial world. While there are some similarities between credit unions and banks, certain features are unique to credit unions:

• Cooperative-No one person or organization owns a credit union. it is owned and governed by its member-owners. As a cooperative, it exists solely to provide members with affordable, convenient financial services.
  
• Not-for-profit-As member-owned cooperatives, credit union earnings, not held as reserves, are returned to members in the form of lower rates on loans, higher returns on savings, lower fees and better service.
  
• Volunteer Driven-The active involvement of member-owners is the cornerstone of the credit union philosophy. A credit union's policy-making Board of Directors and many of it's committees are made up of individuals elected by the members-virtually all of them unpaid. Credit Union member-owners have a direct say in the workings of their cooperative through democratic vote.

Tax Exempt for Good Reason

Congress has recognized the unique nature of credit unions since 1937, when it granted them tax-exempt status. They knew then, as now, that credit unions exist primarily to serve members...and not to create a profit for stockholders.

This fact was affirmed recently by a Consumer Federation of America study. Credit Unions' tax exemption contributes to their identity as non-profits and helps them to benefit society as a whole, according to the study conducted in 2003. The CFA study shows that credit unions' tax exemption is crucial to enabling them to target low-income constituencies for financial services--and to exist at all.

Besides our great account packages and loan rates, membership also provides other rewards: