The Impact of Member-Owners
Although credit unions and banks provide similar products and services, there is one key difference that changes a lot about how they operate.
So how are credit unions different? We exist as a not-for-profit cooperative. Our members, regardless of their income, address, age or wealth, all own one share in the credit union – giving them one, equal vote for their volunteer Board of Directors.
Video presented by our Canadian friends at Young and Free Alberta.
As credit unions, we return our excess profits to our members in the form of higher dividend rates, lower loan rates and investments in our community. Because we don’t pay a small group of stockholders with our profits, we’re allowed to keep our not-for-profit tax exempt status. We don’t pay income taxes because the government recognizes the significant advantage that credit unions provide Americans by providing them not-for-profit banking options. We help lower the overall cost of banking, as well as return our profits to our memberships and our communities.
It's up to all of us to share the #CUDifference.
Even though SW Washington has many credit union members, we're still unknown to many people living in our neighborhoods. In fact, we hit the streets to find out just how much people really know about credit unions in our own back yard.
Check out this video that illustrates how important it is for all of us to understand and SHARE the #CUDifference.