Each year in February, Valentine’s Day acts as a reminder for us all to appreciate and celebrate the people, places and things that we love. For Credit Unions, loving members is a year-round commitment. Credit Unions across the country have displayed this love for members for more than a century through competitive rates, personalized service and more. However, as we know, in a good relationship love goes both ways. So, what can members love about their Credit Unions? If you need to find the right words to express your affection towards your Credit Union, check out these five reasons to love it below, inspired by the Seven Cooperative Principles of Credit Unions.
- Credit Unions have voluntary, open membership. As not-for-profit financial cooperatives, Credit Unions offer the same rights and services to all individuals. This means that regardless of your economic status, a Credit Union is out there ready, willing and able to serve you.
- Credit Unions have democratic member control. Credit Unions are structured as member-owned, not-for-profit financial cooperatives, which means that a Credit Union’s board is made up of its members and every member has one equal vote to help shape the organization’s policies and direction. As many Credit Unions will tell you, they answer to you, not outside stockholders.
- Credit Unions rely on their members’ economic participation. Because members are the owners of Credit Unions and there are no outside stockholders, the members participation in utilizing products and services is what allows the Credit Union to operate effectively. That is also why Credit Unions run independently and always make business decisions based on the best interest of the membership.
- Credit Unions cooperate with each other. Cooperation is at the heart of the Credit Union model, and you will often see different institutions come together to strengthen their abilities to serve their respective memberships. Credit Unions do this through a variety of ways, and cooperation happens on local, state, and national levels.
- Credit Union care about the community. Last but perhaps most importantly, Credit Unions are mission-driven and built to serve their local communities, which is why it’s important for Credit Unions to give back through grants, donations, sponsorships, and volunteering. Furthermore, because of their local, independent structure, banking more with your Credit Union is a great way to re-invest in your local community and economy.
If you feel the need to express your love for your Credit Union this Valentine’s Day, the gift Credit Union employees love the most is the opportunity to continue serving you and helping you with your financial goals and dreams.