What It Means to Be Member-Owned
Did you know that if you’re a member at a credit union, you’re a partial owner of the institution? This is one of the most unique things about credit unions and what draws a lot of people to them. Let’s go over what exactly it means when we say credit unions are member-owned.
How Credit Unions Are Governed
Each credit union has a board of directors that focuses on the growth of the credit union and member benefits. Credit union members elect these board members. They typically are local individuals who are aware of what’s going on in the community. Board members choose to help the community without receiving pay.
Your Voice Matters
There are plenty of reasons why choosing a credit union as your financial institution can be beneficial. Because members are partial owners, they vote on how the credit union operates. When there are board positions open, every member gets to vote in the election.
Profits Go Back to You
Because you are a partial owner, the credit union returns your profits to you through better rates and lower fees. This will help you save more money in the future if you ever need to take out a loan. Rates aren’t only better on loans. You’ll notice better rates on savings accounts, checking accounts, certificates, and more.
Leaders Make Decisions with Members in Mind
Because members own the credit union, leaders make decisions to benefit members rather than maximize profit. Board members and credit union staff are always asking themselves, “What helps our members the most?” They want the structure of the credit union to adhere to members’ long-term financial wellbeing.
Leaders Build Relationships
Credit unions prioritize serving their members. You can count on leadership that always wants the best for its members and aims to provide exceptional service. They focus on people rather than profit, always working on building strong relationships with their members.
Strengthening the Local Community
Credit unions actively support and participate in their community. Whether it’s financing local businesses, supporting community events and organizations, or offering financial education programs to all, credit unions always want to do their part in making their community stronger.