Credit unions are an important part of our community. The members of your credit union are your friends, family, co-workers and neighbors. They care enough about where they live to invest their money locally by keeping savings accounts and their other banking matters “in the family.”
The strength and stability of a credit union comes from its members. The more members a credit union has, the more value it can provide to the membership as a whole – especially when the members do all or most of their banking with the cooperative that they collectively own. As a credit union grows, it can offer better services at more competitive rates and with fewer or lower fees. That’s the power of community support.
To keep up in a crowded marketplace, credit unions need to grow. Corporate financial institutions do this by selling stock in their company…but they are less accountable to their customers and more accountable to investors and paid boards of directors who probably don’t live in the community. The drive to please shareholders often means the bank’s leadership makes decisions that may be immediately advantageous, but highly detrimental for the long term. Contrast this with credit unions, which are wholly owned by their members, who receive their shares of the revenue generated through better rates, lower fees, investments in technology and more. But a credit union needs to attract new members to continue the growth that makes all that possible.
When the credit union grows, the whole community benefits from that growth as well. We’re always looking to offer more and better services to our members. We want to continue to be the financial institution of choice for the community.
As a City CU Member, you know the benefits of doing business with the credit union. In fact, we’re celebrating YOU and International Credit Union Day this Thursday. Join us for food, fun and prize drawings.