Did You Know? Credit Unions Are Not-For-Profit.You may know credit unions differ from other financials, but do you know exactly how? There is one big difference; credit unions are not-for-profit alternatives centered around cooperative principles, while other financials are for-profit banking.
So, what does that mean? Credit unions focus on people over profits by reinvesting in members and giving them a voice. Conversely, for-profit financials focus on profits and providing a return to shareholders. Here are a few ways credit unions are putting people first.
#1 – Membership comes with added-value benefits.
Each member invests $25 as their ownership share in the credit union. Membership continues for as long as the share deposit remains at the credit union. BHFCU returns all earnings to our members through benefits like free services, increased dividends on deposits, and reduced loan rates and fees.
#2 – Your voice is heard.
When you become a member of a credit union, you also become an owner. As a financial cooperative, credit unions are not-for-profit and democratically controlled by their members. At BHFCU, our volunteer Board of Directors is elected by members to govern and protect the credit union with members’ best interest in mind.
#3 – Receive specialized financial education.
Credit unions take on the responsibility of providing education, training, and information to their members. This support sets our members up to contribute to the overall success of the credit union. Remember, the credit union’s earnings benefit members, so each member’s financial success contributes to the credit union’s success.
#4 – Be a part of giving back to your community.
At its core, a credit union is committed to the betterment of its community. The credit union motto of “people helping people” says it all. BHFCU is dedicated to our members and the communities we serve through our involvement and investment in local organizations. Learn more about how we give back through the Black Hills FCU Charitable Fund.