April 7, 2016
What is a credit union? What makes it so special? These are not unreasonable questions. Actually, before I jumped into the credit union world full force, I wondered the same things. Here is the low-down on all things credit union:
- A credit union is member owned. What does that mean? To establish membership at a credit union, you make a $5 minimum deposit into your “share” account, more commonly known as a savings account. By doing so, you’ve just become part owner of the credit union. Not too shabby, right? You are now entitled to vote in elections for the volunteer Board of Directors who will manage the credit union.
- Credit Unions are not for profit. Our purpose is to promote the well-being of all members by providing them with products and services of the highest quality. Because we are not for profit, the money we do make is returned to the members through low fees and competitive loan rates.
- Community outreach, involvement, and enrichment are a priority of credit unions. We believe in educating members of all ages on financial wellness. PCT Federal Credit Union exemplified this by opening up a branch within Wareham High School, in hopes of connecting with students and faculty at a higher level. Students can intern as tellers in the Viking Branch, gaining work experience and insight in the financial sector. We believe that supplying today’s youth with unique opportunities can have a positive impact on their future success.
- Members of a credit union share a common bond; it is what makes them eligible for membership. Some credit unions are community based, meaning that where you live will determine your eligibility. Other credit unions are segment based, where the criteria used to determine eligibility could be one of a number of things, typically where you work or worship.
Credit Unions exist solely to serve their members. Stop by a credit union branch today to experience the culture for yourself!