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Credit unions exist not for profit,
not for charity, but for service. Banks are profit
making institutions.
In other words, when a banker opens the door each
morning, he/she has only one purpose, and that is
to make money for the stockholders. When we at the
credit union open our doors, we have one purpose,
and that is to serve our members.
We are a cooperative. Our members
are our owners. Bank customers don't own the bank.
Credit unions have an annual meeting. Members are
invited to attend to learn of the past years successes,
problems - if any exist - and plans for the future.
There is an election to fill vacant Board seats, and
any member can run for office. Each member has only
one vote, no matter how much money he or she has on
deposit. This is democracy in action. At a bank annual
meeting, the stockholder - not the customers - vote,
each according to the number of shares owned. The
more shares held, the greater the stockholder's control.
Credit union rates are frequently
lower than those at a bank.
But sometimes, when a credit union is small, it has
to charge more for services, as its costs are proportionately
more.
However, all our services are available to all our
members on the same terms. This includes members who
are recipients of public assistance and social security.
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