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Credit Unions are full-service
financial
cooperatives that offer services like Savings and Checking
accounts, Certificates of Deposit, many types of Loans, ATM cards,
Credit Cards, Debit Cards, IRA's and other financial services.
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There are several important
differences between Credit Unions and other types of financial
institutions.
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CREDIT UNIONS ARE
NON-PROFIT
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Credit Unions exist only to serve their members. Profits
are returned to the members in the form of Dividends or are used to
provide additional products and services.
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CREDIT UNIONS ARE MEMBER OWNED
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Credit Unions do not have stockholders that buy and sell their stock
to make money. The MEMBERS that have accounts at the Credit Union
own Credit Unions. Decisions are made on the basis of what is best
for the members.
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CREDIT UNIONS ARE DEMOCRATIC
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Members of the Credit Union are elected to the Board of Directors by
a vote of the entire membership. The Board of Directors is the group
that provides the leadership for the Credit Union.
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What are the
Benefits of Credit Union Membership?
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