A credit union is a not-for-profit financial cooperative - owned by its members!
Members pool their assets, and this in turn provides funds for loans - for cars, homes and businesses for the membership. It's all about people helping people.
While credit unions provide much the same products, there are some very important differences.
|Returns profits to members in the form of better rates, free or low cost services||Returns profits to stockholders|
|Each person who deposits money is a member with a share of ownership||Customers have no ownership in the corporation|
|Members elect a volunteer board of directors to represent their interests||Controlled by stockholders and paid officials|
|Federally insured by the National Credit Union Administration||Federally insured by the Federal Deposit Insurance Corporation|
|Can serve only those individuals within their field of membership||Can serve anyone in the general public|
This video by a young Canadian says it best.
If you want to bank where "people helping people" is the driving philosophy, then a credit union is the place for you!
Credit Unions adhere to the seven cooperative principles:
The boards of directors of a credit union are volunteers
This isn't the case at banks, where board members are paid (often quite handsomely).
Credit unions exist to help people - not to make a profit. One of OUCU's primary goals is to serve all members well, including those of modest means, because every member counts.
Our members take comfort in knowing that OUCU will be there, in both good times and bad, for them and their families. This same "people-first" philosophy encourages us to become involved in community activities and charitable outreach, too - just ask us!