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What is a Credit Union Anyway?

Community Funds

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

Download a PDF version of this infographic.

What is a credit union anyway?

 

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
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