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About Credit Unions
How do credit unions differ from other financial institutions?
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KBID
283
Date Created:
9/17/2010
Date Modified:
9/17/2010
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Credit unions only provide services to their members and they are legally restricted as to whom they can offer services by their bond of membership. Changing economic conditions and regulatory interpretations have led to broadening fields of membership and this has created a widening role for credit unions in providing financial services.
Credit unions are mutual organizations. In most cases, their only source of capital are member shares and retained earnings; they do not normally issue stock or other securities. They are governed by their members and voting is on the basis of one vote per person regardless of how much a member has deposited with the credit union. Credit union members own the credit union, use its services and may, through volunteer labor, constitute part of its administration. The Board of Directors is elected from the membership and directors are unpaid. Credit unions view themselves as organized to meet the needs of their members. Consequently, what they maximize is generally more complex than in the case of shareholder-owned for-profit firms.
Credit union culture is one of cooperative behavior. Credit unions view themselves as part of a movement rather than an industry; they see themselves as an alternative from the traditional suppliers of financial services. Most credit unions are part of the Credit Union System that consists of organizations at the local, provincial, and national levels.
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All information provided through this site is intended to be accurate. However, there may be inaccuracies from time to time which we will make every attempt to correct immediately. Information provided is intended to assist you in making decisions and does not eliminate the need to discuss your particular circumstances with a qualified professional.
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Name of High School graduated from
Last name of favorite teacher
Son's middle name
Daughter's middle name
Pet's name
Square footage of home
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What city were you born in?
On what street did you grow up?
What is your mother's maiden name?
What was your high school mascot?
Password Security Answer
Favorite Color
Terms of Use
I agree to the terms of use.
Connection CU values your privacy and will protect your information. We will not sell or share your information with anyone outside of Connection. Registration only requires that you provide a few key pieces of information. When setting up your profile, you will be given the option to opt-out of receiving any promotional information from us via email. We thank you for taking the time to register with us.
Your inquiry is being encrypted to protect your privacy.