[ADD TITLE]
Presenter: [Presenter Name]
[UPDATE WITH DESCRIPTION OF SESSION]
Although credit unions and banks provide similar products and services, there is one key difference that changes a lot about how they operate. Credit unions are not-for-profit cooperatives, owned by all their members. Banks, on the other hand, are for-profit organizations with stockholders who own the company. Look, banks aren’t evil, but there is a simple truth that when a company exists to generate profit, its entire business model will be focused on maximizing that profit to pay their stockholders. The whole purpose of buying stock is to make money.
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.
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.
Intended Audience: [UPDATE WITH INTENDED AUDIENCE]
This session is open to all dues-paying credit unions that participate in the SW WA Chapter of Credit Unions.
Although credit unions and banks provide similar products and services, there is one key difference that changes a lot about how they operate. Credit unions are not-for-profit cooperatives, owned by all their members. Banks, on the other hand, are for-profit organizations with stockholders who own the company. Look, banks aren’t evil, but there is a simple truth that when a company exists to generate profit, its entire business model will be focused on maximizing that profit to pay their stockholders. The whole purpose of buying stock is to make money.
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.
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.
Intended Audience: [UPDATE WITH INTENDED AUDIENCE]
This session is open to all dues-paying credit unions that participate in the SW WA Chapter of Credit Unions.
[Day, Month Xth, 202X]
[9:00 - 10:30 am]
[9:00 - 10:30 am]
This is a FREE Event brought to you by your SW Washington Chapter of Credit Unions. We appreciate your registration below for session preparation.
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