|
What is a Credit Union?
A credit union is a member-owned and controlled financial institution. Each
member has the opportunity to vote in the annual election, share in profits, and
take advantage of all the beneficial features of our services.
Members in good standing are eligible to elect the credit union’s board of
directors. Your directors are volunteers — members like you — who direct the
credit union’s policies. The board’s decisions affect the entire
organization, from setting rates to determining the characteristics of the
services you use as a member.
Credit unions are true financial cooperatives. Your savings represent your
shares in Local 219 Federal Credit Union. After expenses are paid and
reserves set aside, net income earned by the credit union on loans and
investments is returned to members as dividends. Everyone benefits as your
credit union grows, because our expenses are shared and any income remaining
after operations is used to expand our services.
Who can join a credit union?
A credit union exists to serve a specific group of people, such as a group of
employees or the members of a professional or religious group. This is called a
"field of membership." The field of membership may include where they
live, where they work, or their membership in a social or economic group.
What is the purpose of a
credit union?
The primary purpose in furthering their goal of service is to encourage members
to save money. Another purpose is to offer loans to members. In fact, credit
unions have traditionally made loans to people of ordinary means. Credit unions
can charge lower rates for loans (as well as pay higher dividends on savings)
because they are nonprofit cooperatives. Rather than paying profits to
stockholders, credit unions return earnings to members in the form of dividends
or improved services.
Who
owns a credit union?
Most financial institutions are owned by stockholders, who own a part of the
institution and intend on making money from their investment. A credit union
doesn't operate in that manner. Rather, each credit union member owns one
"share" of the organization. Members vote to elect member
representatives to serve on the board of directors.
[ Home
| About Us | Application | Rates |
News & Events | Links |
Contact Us | Privacy Policy
]
 |
This
sight designed and maintained and hosted by Gambit
System.
Last Updated:
February 28, 2003
|
|
© All pages are
Copyright 2003 Local 219 Federal Credit Union. All Rights Reserved.
644 East Tallmadge Avenue
Akron, Ohio 44310-2446
330-253-5844
|
