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Credit Unions provide many of the same products and services as banks and other financial institutions. The big difference, however, is that unlike banks, credit unions are not-for-profit cooperatives. Our earnings are returned to our members in the form of higher yield on savings and investment accounts, lower interest rates on loans, low fee money management services and outstanding customer service. Most importantly, we are member-owned. If you join the credit union, then you own a share of it and are even given a say at the annual meeting. Below are some interesting facts about credit unions and how they operate.
After a credit union has met its other goals, it can give any remaining surplus back to the members as bonus dividends or loan interest rebates.
Credit unions do not make profits. While a credit union needs income to provide more services and updated benefits, its primary purpose is to help members create a more secure financial future with the loans and services they need to make their lives easier.
At Choice One Community Credit Union, you are eligible to join if you live, work, worship, attend school, or own a business entity in Luzerne, Lackawanna or Wyoming Counties. Once you join, your immediate family members may also do so.
Annual examinations and oversight are conducted by the supervisory agencies ‒ the National Credit Union Administration (NCUA) for federal credit unions ‒ and the Pennsylvania Department of Banking for credit unions chartered under Pennsylvania laws.
Choice One Community Credit Union is chartered under the Federal Credit Union Act and governed as well by its member-elected Board of Directors.
There are also steps you can take to have higher balances that are also insured. Contact the credit union for complete details.
We serve more than 13,000 members (and counting) throughout Pennsylvania. If you live, work, worship, go to school or own a business entity in Luzerne, Lackawanna or Wyoming Counties, you are eligible to join. So, stop in today and see the difference at Choice One!
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