The Credit Unions
Uniqueness
The foundation
of credit union philosophy ‘people helping people.’
The credit
union movement’s motto is “not for profit, not for charity,
but for service”.
Credit unions
are organizations of people; members are the heart of a credit
union.
Credit unions
are cooperatives – members who share a common bond join
together, in a cooperative form and structure, to encourage
savings and to make loans to each other.
Members are the
owners, not just “customers,” and only members can use the
services of the credit union.
Members
democratically control their credit unions; each member has one
vote regardless of how much he or she has in shares.
Credit unions
are not-for-profit. Surplus funds, after ensuring reserves, are distributed to
members as dividends, reduced interest on loans, and improved
services.
Credit unions
are self-help organizations.
They help their members gain economic independence and
self-sufficiency.
Credit unions
are concerned for the needs of all their members.
Credit unions
educate their members in financial matters and consumer issues.
Credit unions
provide a healthy, not-for-profit, cooperative alternative to
other financial service providers who are motivated by profit.
Credit unions
cooperate with each other and are united through a worldwide
movement based on mutual concern for their members.
Credit unions
are different by design.
