Credit Union Membership … Much More Than Ownership!
You’re part of a credit union, wonderful! But what, exactly, does that mean? How will it affect your day to day life? What does credit union membership mean for your checking account, your auto loan and your financial future?
You already know that being a credit union member is different than being the customer of a bank. You also know that it’s not just about semantics, members of credit unions OWN those credit unions. And that’s a whole different story from banks, where customers not only don’t own it (just a few shareholders pocketing all the profits, but more on that in a moment), sometimes it even feels like the bank kind of owns YOU!
Yet there’s more to it than ownership. Here’s why:
Credit unions, by definition, are not-for-profit cooperatives. In fact, years ago a common credit union tagline was, “not for profit, not for charity, but for …show more content…
One, you may get a special dividend. Yes, money right back into your pocket at the end of our fiscal year. And banks? Nothing. Banks actually turns a billion dollar profit in just one-quarter, according to the FDIC. How much of that did their customers see? That’s right. Exactly nothing. And just as regrettable, it’s highly doubtful that a whole lot of those profits stayed in the local economies of the branches that produced them.
As a member, you also have a say in how the credit union is run. In fact, we encourage you to join us at our annual meeting, Thursday, May 4 at 6:30 pm and make your voice heard. And, if you have the time and interest, we’d love to have you consider joining our board of directors. Any member can join, and our credit union benefits from having new people join the board, to share in advising the smooth running of your credit union.
CSE believes that our credit union is YOUR credit union. When you call us, we will put your call right through. Cause, our credit union is your credit union. So this call is for
You’re part of a credit union, wonderful! But what, exactly, does that mean? How will it affect your day to day life? What does credit union membership mean for your checking account, your auto loan and your financial future?
You already know that being a credit union member is different than being the customer of a bank. You also know that it’s not just about semantics, members of credit unions OWN those credit unions. And that’s a whole different story from banks, where customers not only don’t own it (just a few shareholders pocketing all the profits, but more on that in a moment), sometimes it even feels like the bank kind of owns YOU!
Yet there’s more to it than ownership. Here’s why:
Credit unions, by definition, are not-for-profit cooperatives. In fact, years ago a common credit union tagline was, “not for profit, not for charity, but for …show more content…
One, you may get a special dividend. Yes, money right back into your pocket at the end of our fiscal year. And banks? Nothing. Banks actually turns a billion dollar profit in just one-quarter, according to the FDIC. How much of that did their customers see? That’s right. Exactly nothing. And just as regrettable, it’s highly doubtful that a whole lot of those profits stayed in the local economies of the branches that produced them.
As a member, you also have a say in how the credit union is run. In fact, we encourage you to join us at our annual meeting, Thursday, May 4 at 6:30 pm and make your voice heard. And, if you have the time and interest, we’d love to have you consider joining our board of directors. Any member can join, and our credit union benefits from having new people join the board, to share in advising the smooth running of your credit union.
CSE believes that our credit union is YOUR credit union. When you call us, we will put your call right through. Cause, our credit union is your credit union. So this call is for