What is a Credit Union?

A Credit Union is a cooperative financial institution. This system was set up as a parallel banking system. This gives the consumer the option of having a nonprofit alternative.

How are they different from banks?

In a cooperative bank, you vote according to how much money you have in the bank. In a Credit Union, everyone who has a share has one vote. It is true democratic control.

In a bank directors are paid.  In a Credit Union directors are volunteers.  Credit Unions do not pay their directors. The single point of focus is what is best for the member, not what is the most profitable for the institution.

Credit Unions offer the same products and services as banks but at Credit Unions every member counts and they want you to know it.  Credit Unions offer lower fees and better service than big banks.

If you are thinking of switching your accounts, consider a Credit Union.  They have more to offer members and they save you money.

For more information about joining a credit union, please call Sterling Van Dyke Credit Union at 586.264.1212