Working with Credit Unions
|By:† Sara Sack, Ph.D.|
|Assistive Technology for Kansans|
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|
|Credit and debit cards|
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 membershipís are bound by geographic or employment boundaries.|