You’ve probably heard of co-ops: food co-ops, childcare co-ops, housing co-ops, energy co-ops.
The stuff they’re sharing varies ― groceries, babysitting, real estate, kilowatt-hours ― but the concept is the same: In a cooperative, people join together to form an organization, sharing resources for the benefit of all members.
So what’s a credit union? It’s a money co-op ― a group of people who put their dollars together, forming an organization that offers savings and checking accounts, makes loans, and offers essentially the same services as a bank.
But a credit union is grown from different DNA: A credit union is a not-for-profit organization owned by its members.
That means a real difference for your bottom line. Because rather than paying dividends to stockholders, credit unions return the money they make to their member-owners.
That takes the form of good rates, low fees (if any), and quality service.
After all, it’s about pooling resources ― for the benefit of all.
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