Working with Credit
Unions
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By:
Sara Sack, Ph.D. |
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Assistive Technology for Kansans |
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(316) 421-8367 |
Credit Unions are
Financial Cooperatives
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Cooperatives are generally
member-owned, professionally managed businesses. |
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Members pool their resources and work
together to gain control of their lives. |
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Common examples include: food coops, health care, childcare, and
housing. |
Credit Unions offer
similar services as banks. . .
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Checking and savings accounts |
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ATM’s |
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Traveler’s checks |
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Credit and debit cards |
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Home financing |
Credit Unions differ from
banks in the following ways. . .
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Credit Unions have members, not
customers. |
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They are organized according to
democratic principles. |
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Credit Union officials are volunteers
and by law cannot be paid for their services. |
Slide 5
Advantages of partnering
with a Credit Union. . .
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Commitment to a consumer
(member)-driven process. |
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Comfortable serving persons of middle
and low incomes. |
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Commitment to being equal partners. |
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Committed to flexible rates and terms
-- and in general doing what is necessary to serve their members. |
Disadvantages of
partnering with a Credit Union. . .
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Membership requirements may be a
problem. |
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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. |
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However, many Credit Union membership’s
are bound by geographic or employment boundaries. |