How is a credit union different than a bank? Credit unions are not-for-profit organizations that exist to serve their members. Like banks, credit unions accept deposits, make loans and provide a wide array of other financial services. But as member-owned and cooperative institution, credit unions provide a safe place to save and borrow at reasonable rates. Credit unions operate to promote the well-being of their members. Profits made by credit unions are returned back to members in the form of reduced fees, higher savings rates and lower loan rates.
Credit unions are owned and controlled by the people, or members, who use their services. Your vote counts. A volunteer board of directors is elected by members to manage a credit union. This board of directors meets monthly to review the safety and soundness of the credit union. Their job is to ensure policies and procedures are in place to protect the credit union assets, as well as provide the products and services members’ want. As we mentioned, the board of director positions are volunteer positions, so these board members truly care about the success of Beacon Community Credit Union. You can become more involved with the success of the credit union in many ways. Our Supervisory Committee does monthly reviews at the credit union to ensure policies and procedures are adhered to. If you are interested in a board position, the Supervisory Committee is a great place to start to learn how the credit union process operates behind the scenes.
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