How to explain the credit union difference

Credit Unions		Banks and Savings & Loans
Not for profit, not for charity, but for SERVICE	PURPOSE	To make a profit.
A FINANCIAL COOPERATIVE owned and controlled BY ITS MEMBERS.	DEFINITION	Business owned by groups of shareholders who may or may not have accounts there.
DEMOCRATICALLY structured; every member has an equal say about a credit union’s goals, functions, and services.	STRUCTURE	Depositors have no vote. In a bank or savings and loan, only shareholders may vote on goals, functions, and services.
Directors are ELECTED BY MEMBERS and they VOLUNTEER THEIR TIME.	DIRECTORS	Board members are elected by their shareholders and are paid.
Earnings are RETURNED TO MEMBERS in the form of dividends, higher savings rates, lower loan rates, and improved services.	EARNINGS	Earnings are returned to shareholders.

Click here for a printable version of the above information about the "Credit Union Difference."

Click here for "The Facts About Credit Unions," a comprehensive handout about the facts about credit unions. Great for meeting with legislators.

The Ohio Credit Union League is a state trade association whose mission is to foster
the success of credit unions, and the credit union philosophy, in Ohio.

e-mail the Ohio Credit Union System
The Ohio Credit Union League,
10 W. Broad St., Columbus, Ohio 43215
Phone: (614) 336-2894, (800) 486-2917, Fax: (614) 336-2895
© 2003 The Ohio Credit Union League