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.

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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.