You've heard of the credit union difference, but what exactly is a credit union and what are their principles?
Credit unions are not-for-profit organizations that exist to serve their members. Unlike banks, credit unions return surplus income to their members in the form of dividends. All credit unions are guided by 7 principles. We like to think of it as our secret ingredients.
- Credit unions are democratic. This means we are controlled by the people that do business with us. We call them "members." The members elect a volunteer board of directors that call the shots. So, you won't find us flying corporate jets or handing out big bonus checks on your dime.
- Credit unions are open. There is likely a credit union that serves where you live, work, worship, or go to school. We're everywhere and it's easy to try us out.
- Credit unions have lower loan rates and higher savings yield. Your success is our success. The more people who participate, the more the credit union can give back in the form of lower loan rates, higher savings yields, fewer fees and more products. Just like karma — what goes around comes right back around.
- Credit unions are independent. We are owned by the people who do business with us, not outside shareholders. That makes you the boss.
- Credit unions believe in financial education. We are actively involved in helping consumers to become good financial stewards. Got a few minutes? We'll teach you the merits of budgeting, planning for retirement, or how to get ahead with what you have.
- Credit unions work together. We network together to provide more free ATMs than the nation's largest bank. Most of us share over 4,000 branches across the country you can access. We think of it as the best of both worlds. Yes, we're local, but together we're global.
- Credit unions give back. Credit union folks everywhere participate in volunteering for all sorts of local charities. It's just part of our DNA.
If you want to be a part of our secret recipe, you can apply for membership online, or contact us at (804) 353-8012 for more information on how you can become a part of the credit union difference!