![]() Their not-for-profit status enables credit unions to return more of their earnings to their members in the form of competitive loans and savings rates. This structure is vastly different from the for-profit sector where stockholders vote according to the number of shares of stock they own. Credit unions are based on a one-member, one-vote structure, thus giving members the power to direct credit union policy in an effort to meet member needs. Each year, credit unions consistently outshine banks and S&Ls in the area of consumer/member satisfaction. To that end, credit unions not only provide outstanding personal service, but members often earn higher returns on their savings while paying lower rates for loans. What are the Benefits of Credit Union Membership?Ĭredit unions exist solely for the purpose of meeting the financial needs of their member-owners. There are more than 11,000 credit unions in the United States and Canada, serving more than 77 million members. ![]() ![]() These members - who are united by a common bond of employment, association, or community - democratically operate the credit union under state and federal regulation. A credit union is a member-owned, not-for-profit cooperative financial institution owned and operated by its members. ![]()
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