'Credit unions are democracy in action'
Published 3:50 pm, Wednesday, February 20, 2013
To the Editor:
Credit unions are not-for-profit cooperatives, owned by their members who save and borrow there.
They exist solely to serve those members, with no stockholders or bank holding companies to enrich.
Credit unions are owned by their members. In addition to being an owner, each credit union member, regardless of how much he or she has on deposit, has an equal voice in elections.
Credit unions are democracy in action.
Credit unions operate under the philosophy of "people helping people," as they provide the same products and services as other financial institutions; allowing their members to pool their savings, lend to one another, and own the organization.
Members' money is safe.
The National Credit Union Share Insurance Fund (NCUSIF) provides all members of federally insured credit unions with $250,000 in coverage for their individual accounts.
Did you know?
Credit unions consistently earn higher customer satisfaction ratings when compared to banks.
In fact, credit unions have consistently ranked highest for service in a Gallup study commissioned by American Banker magazine.
Union of New Milford