What is a Credit Union?
A Credit Union is a democratically controlled cooperative financial institution owned and governed by its members, the people who use its services.
Our Philosophy
The same philosophy applies today as it did when Credit Unions first started:
"Not for Profit, Not for Charity, but for Service"
Credit Unions have strived to help members be financially responsible by encouraging savings and making loans at reasonable rates.
Whether providing a loan to help cover unexpected medical bills or home repairs, give financial counseling to a member experiencing financial difficulties, or help a member purchase a new or used vehicle, Credit Unions make a difference for their members and the communities they serve.
How do Credit Unions Compare to Banks?
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Philosophy |
Not for profit but for service - Higher dividends to member savings. |
Generates profits for shareholders |
|
Management |
Member elected/unpaid volunteer Board of Directors. |
Paid Board of Directors & Shareholders |
|
Savings |
Various Savings Plans and Share Certificates |
Same |
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Loans |
Consumer Loans and some mortgages. Loan consideration is not solely based on credit score but also on character and capacity to pay (Rates are comparably LOWER than banks.) |
Traditional commercial loans and mortgages. Loan consideration based on credit score. (Rates are usually higher than credit unions) |
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Safety |
Deposits insured up to $100,000.00 by NCUSIF |
Deposits insured up to $100,000.00 by FDIC |
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