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What
is a Credit Union?
A credit union is a financial
co-operative of individuals with a common affiliation (such as
employment, labor union membership or place of residence).
Credit unions accept deposits, pay interest (dividends), and
provide loans and other services to their members. Credit unions
are not-for-profit, member owned and volunteer driven. Unlike
banks, savings and loans and other financial institutions,
credit unions return profits to their members in the form of
lower rates on loans, higher returns on savings and superior
service.
The great thing about a credit
union is that the more you use its services, the more you
benefit and the stronger the credit union becomes. While there
are similarities among financial institutions, credit unions are
driven by a philosophy that sets them apart. Here’s how:
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Credit Union is a Co-operative |
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No one person or
organization can own a credit union. It is owned and
governed by its members. As a result, it exists solely
to provide you with a safe, convenient place to save, to
obtain loans at reasonable rates, and to receive other
needed services. |
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| A
Credit Union is Not-for-Profit |
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Since all credit
unions are owned by members, there are no outside
shareholders or profits. Earnings are returned to
members in the form of lower rates on loans, higher
returns on savings and better service. |
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| A
Credit Union is Volunteer Driven |
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The active involvement
of volunteers is the cornerstone of the credit union
philosophy. A credit union's policy-making Board of
Directors, and some of its committees, are made up of
individuals elected by the members.
In other words, as a
member in your credit union you have a say in how it is
run. You are a member, not just a depositor. Because of
this, your credit union's sole commitment is to serving
you and the other members of your credit union. It's
that simple. |
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| A
Credit Union is First in Service |
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According to a
nationwide survey conducted by the American Banker
Newspaper, credit unions have been consistently rated #1
in member satisfaction every year since the survey began
more than 10 years ago. |
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Credit Union Offers Affordable Rates |
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Since credit unions
are not-for-profit, earnings are returned to members in
the form of lower rates on loans and higher returns on
savings. The concept of people helping people in the
cooperative spirit - the credit union ideal - makes
"real world" sense when it comes to rates. |
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Credit Union is One of a Kind |
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The credit union
philosophy of People Helping People is put into action
every day. For example, a credit union in San Antonio,
Texas located its main office in an economically
depressed neighborhood in order to play a positive role
in revitalizing the area where many of its members live
or work. In short, credit unions are often a helpful
choice for people who might otherwise go unserved.
Your credit union is
indeed unique. So when it comes time for you to decide
where to save for the future, where to obtain loans for
today, or where to turn for your everyday financial
needs, think of SELCCU first. You own it. You have a
share in its future. And its safety and soundness are
insured. |
Drop by SELCCU
today to learn how we can help you!
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