What is a Credit Union?
Credit unions are not-for-profit cooperative financial institutions that are
owned by their members. Their directors are volunteers elected from within the
credit unions' membership.
Credit unions offer most financial services found at banks, including
loans, savings accounts, checking accounts, IRAs, internet account access, bill
pay and more.
Credit unions vary in sizes. Some are small and operate in church
basements, while others serve hundreds of thousands of members throughout entire
communities. But all are non-profit cooperatives, and all share the same
philosophy of "People Helping People."
Credit unions generally offer better rates on loans and savings than
do commercial banks, due to credit unions' unique operation. While banks must
make profits for their shareholders, credit unions exist only to serve their
members. So instead of sending dividends to shareholders, your credit union
returns it to you through better rates and improved services.
As a result, consumers have ranked credit unions as the leaders among
financial institutions in customer satisfaction for the last 16 years.
Credit unions rank #1 in customer service
For the 18th straight year, Americans ranked credit unions at the top for
customer service and member satisfaction in the American Banker/Gallup Consumer
Survey. In the survey, 76% of credit union members are “very satisfied”, up from
75% last year. Credit unions were ranked higher than banks and thrifts in all
customer service categories in the survey. That's why we say credit unions are
"Where people are worth more than money."
