A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
Each credit union member owns one "share" of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.
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.
You can print the address change form online, pick up in the branch, or one can be mailed to you at your request. The form (insert link) will need to be completed and signed, then returned to the branch. You may also request an address change when you log in to Home Banking.
What are some advantages of being a credit union member?
Credit unions generally pay higher yields on savings and certificates than commercial banks. Credit union rates are generally lower on loans than commercial banks. Credit unions belong to ATM networks that allow you to make FREE withdrawals from your account at thousands of locations nationwide. Your immediate family members are also eligible for credit union membership. Encourage them to join the credit union soon so they can enjoy the same benefits that you do.