Credit unions have existed for almost 100 years. The first American credit union began serving members in 1909. Credit unions have succeeded and will continue to succeed because "We exist not for profit, not for charity, but for service." This has enabled credit unions to pass our savings on to our members.
All credit unions are "not-for-profit." Any excess earnings a credit union makes can only be used in designated ways - ways that benefit ALL members - like strengthening our reserves, providing the lowest possible loan rates and highest possible dividend rates, and offering other financial services and products at the lowest possible cost to our members.
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Each credit union is a financial cooperative. That is, members pool their resources in share and other savings accounts in order to lend money to fellow members for productive purposes that improve their quality of life. That's the credit union philosophy of People Helping People put into action every day. It's a true cooperative. Members' deposits are used to make loans. The interest that borrowers pay is the income used to pay dividends on savings. One cannot exist without the other. That's People Helping People.
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| All Credit Unions... |
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- ... are owned by members and can provide financial service only to our member-owners. That's the very basis of credit unions. Each member, regardless of the amount of money on deposit, has ONE equal share of the credit union's ownership. We cannot provide financial service to just anyone. We can only provide service to member-owners who are eligible for membership.
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... are democratically operated by a volunteer board of directors. Each member-owner exercises ownership by electing fellow members to the board of directors. These board members receive no compensation - they volunteer their time, their knowledge, and their dedication for the benefit of all members.
Credit unions are proud of these principles that make credit unions unique within the financial marketplace. Credit unions never forget that you have a choice when it comes to a financial service provider. Credit unions never forget that you are not a "customer" here - you're a member-owner. All credit unions are proud that you choose to do business with a credit union. And with your continued support, credit unions will continue to meet your financial needs well into the twenty-first century.
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