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why choose CCU?

First, what is a credit union?

A credit union is a not-for-profit financial institution in which all account holders, called members, are stockholders/owners. Any profits credit unions make are reinvested in the institution. Credit Unions are focused in specific community groups or geographic areas, which results in smaller size, personalized attention, and extensive community involvement.

What’s the difference between Community Credit Union and a bank?

Credit unions are not-for-profit organizations. Banks are for-profit businesses.
Credit Unions are member-owned and member-focused.
Each credit union member has input in major decision making.
Banks are shareholder and profit-driven: Shareholders, not customers, drive decision making.
Profits are invested back into the credit union, resulting in competitive rates, lower service fees, and exceptional member service. Profits are paid out to the outside shareholders of the bank.
Credit union management maximizes shareholder return by reinvesting revenues, providing excellence in member service, and offering a wide array of banking products at very competitive rates to the credit union members. Bank management maximizes shareholder return by maximizing profits, i.e., making money from the bank’s customers, and passing the profits to the outside shareholders.
Credit union board members are volunteers who do not receive any monetary compensation for serving on the credit union’s board. Bank board members recieve significant monetary compensation for serving on the bank’s board of directors and are, quite often, outsiders.
Credit union membership is usually focused on a certain community group or a geographic area, allowing credit unions to truly invest in the diverse communities, of which they are a part of. Banks usually have no customer restrictions, aiming at maximizing the bank’s size while at the same time minimizing the strength of human relationships.
Community Credit Union is in the people business. Banks are in the money business.

Copyright Community Credit Union 2014