What’s a Credit Union?
Many of us have heard this term used throughout our lives, but not all of us actually know what it means. For the most part, hearing the term “Credit Union” used, we get the idea that it’s synonymous with “bank.” But that’s not quite true.
What You Get From A Credit Union
Higher Yields on Savings
Investment in Your Community
Lower Loan Rates
Member Owned
As a member-owned financial initiative, the goal is to enrich the members, not gain profits for investors. The only caveat to this is how the Credit Union determines membership. To ensure that their efforts truly impact the local community, there are usually 2 different requirements for membership. A lot of Credit Unions begin as a benefit for employees of a certain company, as Staley CU got its start. Now it’s as simple as living or owning a home in a specific geographic area to be eligible for membership.
Passing on Savings
While Credit Unions offer similar services to banks, the overall end goals are different. Banks use the funds collected from their customers to make investments for the profit of the bank and its investors. Credit Unions use the money from its members to improve the local community and enrich the members themselves
Serving the Community
Credit unions make a commitment to investing in local communities. While traditional banks invest in large scale industrial projects, credit unions partner with local organizations to keep their earnings circulating within their communities. The goal is to improve the lives of the people in their membership base and add value to the community in which they operate.
Credit Unions in Your Community
Become a Member of Staley CU!
We’d love to have a new addition to our Credit Union community. Receive all the benefits of being a member by applying today!