When I tell someone that I work for a Credit Union, often I think that they hear "Bank." Outside of the Financial Services Industry, I can understand how many people could misunderstand them to be one in the same. We both have ATM's, Checks, we're both insured and regulated by the Federal government, and we both get mad when you forget to mail in your loan payment. So I thought I would spend this week discussing what makes a Credit Union a Credit Union...and how our differences might benefit you and your financial goals.
Credit Unions were formed around the beginning of the twentieth century so that ordinary folks could borrow money. At that time, Banks were like Private Clubs only reserved for the very wealthy. If you were a regular Joe, it was nearly impossible to obtain a loan through what we would consider normal avenues today. The structure of a Credit Union has remained relatively unchanged and essentially is a cooperative of individuals who pool their resources to financially assist one another, "the membership". Thus, equal regard to the contributions of each member is given. The mission is mutual assistance, not profit. [Read story at VenturaCountyStar.com/by Jessica Reinhardt].
Posted by firstent
at 12:01 AM PDT
Updated: Friday, 16 May 2008 11:02 PM PDT
