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The common understanding of credit unions is that they are exclusive institutions that are a NPO, or Not for Profit Organization, but the real story goes much deeper. So how about we take a look…

We have already established that credit unions are NPO’s but let’s talk about another big difference, education. Credit Unions assist members to become better financially educated. The reason for doing this is to give others a stronger understanding when dealing with finances and to pass on that education to others. The education of the younger generation regarding finances is dramatically important and recently CUNA, or Credit Union National Association, is joining forces with the National Endowment for Financial Education. This partnership between CUNA and NEFE is going to be bringing financial education to high school students, helping them discover proper spending and saving habits.

The second difference that stands out when looking at credit unions is the Board of Directors or BOD. The BODs serves the credit union voluntarily and do so for the sole reason of the members. These dedicated men and women serve as the speaking voice of the people in the credit union and are motivated to making a difference in the credit union world. Each of the BODs are selected and elected from the members and by the members. There are no outside parties that can come in and serve on the BOD.

My last and favorite reason showing the Credit Union difference is the social factor of people helping people. Let us look at the facts of a credit union as they exist solely for the members. All of the credit unions exist to help others, not to make a profit. Profit is not important to credit unions, purpose is important, and preserving the purpose of what credit unions stands for: Every member counts and has a voice! The ability to rely on a place in good times and bad is something that is disappearing in today’s world. The credit unions of today are showing their true meaning and colors, which is people first.

These reasons are just the tip of the iceberg when talking about the “big difference” but I challenge you, if you want to know more reasons go visit your local credit union and ask the million dollar question: “What makes credit unions so special?” Remember to bring a pen and lots of paper!

If you have any stories or comments for us then shout back below because we love to hear from you or click here to learn more about becoming a member.