What is a Credit Union Anyway?

An in-depth look at what makes credit unions tick.

Download a PDF version of this infographic.

 

What is a Credit Union?

Credit unions are not for profit community-based financial institutions.

1. Democratically Controlled and Member-Owned
2. Used like a Bank, but Organized like a Cooperative
3. Governed by a Volunteer Board of Directors

 

How They Work:

• Buy a Share in the Credit Union to Become a Member
• Your Savings are Loaned to Other Members

 

Profits are Used to:

• Reduce Fees and & Improve Interest Rates on Deposit Accounts
• Educate the Membership
• Donate to Community Organizations

 

Why People Love Them:

• Driven by a Strong Social Mission
• Value People Over Profit
• Return Profits to Members and Communities