To serve members at cost
Each member has only one vote
Capital is paid minimun interest
Surplus is divided among members in proportion to patronage
To serve public for profit
Each share of stock has one vote
Capital receives all the profit
Profit is paid to stockholder in proportion to their holdings
Credit unions are uniquely different from for-profit financial institutions and offer their members special advantages:
Each member of a credit union is an equal owner of that credit union and is entitled to one vote at the annual meeting, regardless of the amount of money he or she has deposited in the credit union.
Because credit unions are not-for-profit cooperatives, they are usually able to offer considerably lower loan rates, higher interest on savings and lower fees than for-profit institutions.
Credit Unions are led by a Board of Directors, elected by the membership at the annual meeting. Board members volunteer and are not compensated.