WHAT IS A CREDIT UNION? |
A Credit Union is a
non-profit member-owned financial institution. A Credit Union
is not a bank, or a Savings and Loan. It is a group of people
who have joined together to share in financial services that
can be enjoyed by every member in managing their own money.
Its basic objectives are to teach and encourage thrift among
members and, through their combined savings, extend to members
low cost credit for any worthwhile purpose. |
|
|
. |
|
|
WHO OWNS THE CREDIT UNION? |
YOU, as a member own the Credit Union. You are not a customer
at your Credit Union, you are an owner |
|
|
|
|
|
.WHO RUNS THE CREDIT
UNION? |
A
Board of Directors, elected from the membership, by the
members, has the general direction and control of its affairs.
The Board sets the policy under which the Manager, Office
Staff and Committees operate. The Directors and Committee
Members are volunteers. |
|
|
|
|
|
HOW DO I JOIN?
 |
Complete a membership card designating a single or joint
membership and forward it to the Credit Union Office, along
with a check for $10.00 which will be deposited into your
share savings account. Every member must maintain a minimum
balance of $50.00 to retain membership. Once you become a
member, you may remain a member even if you leave employment
in the Field Of Membership, retire or move away from the area.
Once a member, always a member! |
|
|
|
|
|
WHO REGULATES THE CREDIT UNION? |
A Board of Directors elected from the membership has the
general direction and control of its affairs. It sets the
policy under which the officers and committees operate. The
Credit Committee is appointed by the directors to review the
loan applications. A Supervisory Committee is appointed by the
Board of Directors to audit internal affairs. Our Supervisory
Committee audits our Credit Union's records. This is in
addition to our annual Federal Examinations. The board and
committee members receive no pay for their services. |
|
