Educational Article by Richard Dillard
Have you ever wondered what it would be like to own your bank? When you’re a member of a credit union, you do! Credit unions are not-for-profit financial cooperatives owned by the members they serve. Because members are actually owners, everything is done it their best interests. Revenues are returned to them in the form of higher savings rates, lower loan rates and fewer fees.
Unlike banks that are run by stockholders who profit from the bank’s success, credit unions are democratically run with each member having a vote. Members vote for the board of directors, which serves voluntarily and without compensation. When a credit union succeeds, all its members benefit.
Credit unions focus on doing the right things for their members. Each credit union has a defined field of membership, or group of people they can serve. This allows them focus on the specific needs of their members, offering the precise products and services they require.
For business owners, credit unions are particularly attractive. Unlike large banks, credit unions can work with business owners to develop plans to help their businesses succeed. Because they’re locally owned and operated, credit unions have the flexibility and the ability to offer business owners products and services they may otherwise be denied. Plus, the products and services offered by credit unions are typically as comprehensive and competitive as a bank – only at better rates!
-This information is brought to you courtesy of Richard Dillard and West Community Credit Union in O’Fallon. For more information, visit www.westcommunitycu.org or contact us at (636) 720-2420.