Financial Tips and Resources
Understanding Credit Unions and How They Differ From Other Financial Institutions
All Credit unions commit to the “People Helping People” philosophy upon which they are founded. The goal is to serve members well and help them achieve financial success through financial education, service and products that are offered.
The major difference between a bank and a credit union is the structure. Banks are “for profit” institutions where profits earned are returned to stockholders or “owners” of the bank. Credit Unions are “not for profit” institutions, our profits go back to our members, who are the “owners.” The profits are used to reduce loan rates, increase deposit rates and create products and services that are beneficial to our members/owners.
For more information on credit unions, visit:
National Credit Union Association (NCUA)
The NCUA is the independent, federal agency that regulates, charters and supervises federal credit unions, like My Community. Deposits are insured up to $250,000 per individual for all account holders in federal credit unions.
For more information, visit:
Guidance on Improving Your Credit
A huge component of financial success is maintaining a positive credit rating. The better your credit score, the more likely you are to be approved for lower interest rates, personal loans and low interest credit cards. Credit.org, formerly Consumer Credit Counseling Service, provides a vast array of financial education webinars to our members at no cost.
Visit the webinar schedule at: