Have you ever wondered what makes a credit union different from a bank?
A credit union is a not-for-profit financial institution that offers many of the same services as a bank, including checking accounts, savings accounts, loans, credit cards, and digital banking. However, credit unions are structured differently and operate with a focus on serving their members.
Here are five things that make credit unions unique:
1. Credit Unions Are Member-Owned
When you join a credit union, you’re not just a customer. You’re a member-owner, and your voice matters. Credit unions are owned and controlled by the people who use their services, and members elect the board of directors.
2. Credit Unions Are Not-for-Profit
Unlike banks that operate for shareholders, credit unions exist to promote the financial well-being of their members. Profits are returned to members through benefits such as reduced fees, higher savings rates, and lower loan rates.
3. Credit Unions Are Built Around a Common Bond
Members of a credit union share a common bond, known as a “field of membership.” You may be eligible to join based on where you work, where you live, your family relationships, your school, your place of worship, or membership in an organization.
Membership at Self Reliance Financial Federal Credit Union is available to eligible individuals who qualify through our field of membership. Learn more about our membership eligibility requirements.
4. Credit Unions Are Community-Focused
Credit unions are committed to strengthening the communities they serve. Many support financial education programs, community outreach initiatives, student programs, and resources for small businesses.
At Self Reliance Financial Federal Credit Union, we’re proud to invest in our communities through education, outreach, sponsorships, and partnerships that help individuals, families, and organizations thrive.
5. Credit Unions Are Financial Cooperatives
The cooperative structure of a credit union creates a cycle of members helping members. One member’s savings can help another member finance a vehicle, purchase a home, pay for education, or grow a business. It’s the philosophy of people helping people in action.
Your Partner in Financial Success
While banks and credit unions offer many of the same financial products and services, credit unions are designed with one purpose in mind: helping members achieve financial success.
At Self Reliance Financial Federal Credit Union, we’re proud to be:
Member-Owned, Not-for-Profit, Community-Focused, People Helping People!