Did you know that credit unions are uniquely different to other financial institutions? There is one very important difference; credit unions are not-for-profit.
That’s right – credit unions exist only for the benefit of the people who use the credit union, called the members of the credit union. Credit unions are not motivated to make profits for the stock markets or shareholders. They only strive to make a surplus so they can either return this surplus to their members in the form of a dividend, or a loan interest rebate for those members who have loans with the credit union. Or, they might re-invest the surplus in the credit union to improve and enhance facilities, products and services.
Every credit union is run independently, so each credit union makes its own decisions at a local level. The services and products offered by each credit union are tailored specifically to suit the best interests of their members, and so services might vary from credit union to credit union.
All credit union members however will receive a range of benefits – some not offered by any other financial institutions.
Read here to find out the top advantages to being a credit union member.