BANKING AFFAIRS

Detailed explanation-1: -Credit unions are owned and governed by its members. Any person who becomes a member can actively participate in the affairs of the organization by direct voting.

Detailed explanation-2: -YOU ARE PART OWNER. Credit unions are owned and controlled by the people, or members, who use their services. Your vote counts. A volunteer board of directors is elected by members to manage a credit union.

Detailed explanation-3: -Their Customers Aren’t Just Members-They’re Stakeholders “On the other hand, credit unions are owned by the members, so in a credit union, you’re not just a member but also a stakeholder. If you have $20 in your account, you have the same voting rights as someone with $20, 000 in their account.

Detailed explanation-4: -Being a credit union member means you share your financial institution’s ownership, vision and profits. It gives you the opportunity to shape your personal banking experience, as well as the impact your banking has on your local community. Membership has meaning and value.

Detailed explanation-5: -A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership.