Credit unions are not-for-profit organizations that exist to serve their account holders, also known as members. Credit Unions are built on the fundamental concept of “people-helping-people.” Credit unions offer many of the same products and services that banks offer, such as accepting deposits, making loans and providing a wide array of other financial services. Credit unions differ from other financial institutions in that they operate to promote the well-being of their members.
Credit unions typically:
• Have a volunteer Board of Directors vs. Shareholders.
• Make decisions based on the betterment of the membership as a whole.
• Support the communities where members and employees live and work by giving back resources such as volunteer time and financial support.
• Offer financial counseling and education to their membership and the public.
• Return profits made by the credit union
Credit unions are also unique in that they’re cooperative financial institutions. Credit unions work with one another, instead of competing with one another, sharing ideas and resources to do what’s in the best interest of their members.
The Danielle Downey Credit Union Classic is a great example of the cooperative spirit of credit unions at work! Rochester area credit unions have banded together to sponsor the event, and have worked together to promote the event to ensure that it is a great one for credit unions and the Rochester community as a whole.