Tomorrow, Thursday, October 21st is International Credit Union Day. Each year, credit union professionals and credit union members around the world celebrate the credit union difference.
More than 186 million people worldwide belong to a credit union. Especially in the current economic climate, we want you to understand the benefits of being a credit union member, the differences between banks and credit unions, and why we are worthy of your trust and confidence. We want to earn your business and believe we have valuable differences to promote.
Check out these differences:
Credit Unions – have member/owners.
Banks – have customers.
Credit Unions – are not for profit.
Banks – are for profit.
Credit Unions – after expenses are paid and reserves are set aside for loan losses and economic cycles, surplus earnings are returned to members in the form of lower loan rates, higher savings rates and free or lower-cost services.
Banks – profits are maximized and paid only to investors.
Credit Unions – democratically controlled by members. Each member has one vote in electing board members. Each board members is selected from the membership and service in an upaid, voluntary capacity.
Banks – controlled by stockholders and a paid board of directors. Customers do not have voting rights and cannot be elected to the Board.
Credit Unions – are socially driven, focused on financial education, and improving the quality of life of members around the world.
Banks – are profit driven.
Or, if you’re a visual learner like me, check out this video about The Credit Union Alternative. Most importantly, thanks for supporting your Credit Union!