Working with Credit Unions
By:  Sara Sack, Ph.D.
Assistive Technology for Kansans
(316) 421-8367
Credit Unions are Financial Cooperatives
* Cooperatives are generally member-owned, professionally managed businesses.  
* Members pool their resources and work together to gain control of their lives.
* Common examples include:  food coops, health care, childcare, and housing.
Credit Unions offer similar services as banks. . .
* Checking and savings accounts
* ATM's
* Traveler's checks
* Credit and debit cards
* Home financing
Credit Unions differ from banks in the following ways. . .
* Credit Unions have members, not customers.
* They are organized according to democratic principles.
* Credit Union officials are volunteers and by law cannot be paid for their services.

Advantages of partnering with a Credit Union. . .
* Commitment to a consumer (member)-driven process.
* Comfortable serving persons of middle and low incomes.
* Commitment to being equal partners.
* Committed to flexible rates and terms -- and in general doing what is necessary to serve their members.
Disadvantages of partnering with a Credit Union. . .
* Membership requirements may be a problem.
* We work with a Credit Union whose membership includes:  1) all residents of Kansas, and 2) all individuals who work for one of the employee groups of which there are over 100.
* However, many Credit Union membership's are bound by geographic or employment boundaries.