Why Credit Unions?
A credit union is a member-owned, non-profit cooperative financial institution formed for the purpose of encouraging savings by offering a fair return, using those savings to make loans at competitively low interest rates to members, and providing other financial services. Members are united by a common bond of association and democratically operate the credit union under state or federal regulation. Unlike, banks and other financial institutions, credit unions are locally owned and operated by the members, for the members. Some attributes that contribute to the success of credit unions are: Not-For-Profit — Most financial institutions operate to make a profit for stockholders. Credit unions return their profits, after expenses and reserves, to members in the form of dividends on savings, low rates on loans, and new or improved services. Member-Owned — At credit unions, no one person or organization runs or owns the credit union. Each member is an owner. In fact, each member has one
