Credit unions operate for the benefit of their member-owners, the account holders. Credit unions have been organized to serve a specific group of people or community that is in need of financial services. Some are small with a single location in one community, while others are found nationwide with millions of members. What they all have in common is their dedication to serving their members and ensuring all people have access to banking, credit, and other financial services. Credit unions in the United States are empowering over 100 million people with ownership of their financial institutions!
People and communities thrive with supportive local businesses and institutions. In contrast to conventional banks, credit unions commonly take risks and operate in rural, impoverished, and underserved locations. Credit unions and cooperative banks provide access to capital, an opportunity that individuals, businesses, and communities might not otherwise have, making it possible for millions of people to buy their first car, their first home, start a new business or complete a community project.
Credit unions are different than your conventional bank. They are owned by the people who bank there, not outside investors. Credit unions are nonprofit banks – all revenue is funneled back into the credit union to lower interest rates and provide extra savings for the people who bank there. A conventional bank is for-profit and operates to return money to its outside investors.
“Credit unions in the United States are empowering over 100 million people with ownership of their financial institutions!”
What is INVESTED, BUILT, GROWN, MADE and SPENT with a co-op directly benefits the local community – make a bigger impact when you choose local co-ops.
Combat the widening wealth gap by empowering global communities with ownership and voice in the businesses that shape their lives.
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