Not-for-ProfitCredit Unions operate for the benefit of members rather than to make a profit. Credit Unions operate as a business, earning income to meet expenses and maintain reserves for financial stability. Member OwnershipCredit Unions are economic democracies - each member has an equal ownership and one vote. Earnings are returned to members by way of lower rates, higher interest on deposits, and lower fees. Volunteer DrivenCredit Unions are governed by a board of directors, elected by and from the membership to work in the membership’s best interest. Board members serve voluntarily and without pay. Financial EducationCredit Unions assist members and others in the community to become better-educated consumers of financial services. Credit Unions have a strong commitment to expanding financial literacy among young people. Social PurposeCredit Unions exist to help people and build strong communities. The “people-first” philosophy also means that credit unions and employees get involved in community charitable activities and worthwhile causes.
