What are credit unions? Before sitting down and writing this essay, I could not have answered that question. However, after researching the not-for-profit organizations, I can talk someone’s ear off about the topic. One of the first things that I learned was that credit unions are drastically different from banks. Instead of being owned by investors, a union is actually owned by its members. This creates a sense of togetherness that people cannot get anywhere else. The value of these not-for-profit organizations is priceless. Because of the members’ strong involvement with their credit unions, they feel more secure and trustful with where their money is going. Unions foster a certain feeling of community with a somewhat personalized service that is designed differently for each of the members. They treat people as people, not just a number that contributes to the money to their institution. …show more content…
Since we have moved here in 2008, it has been nothing but helpful and beneficial. What makes it so different from a for-profit financial instuition is the time that is invested in us. Instead of seeing us as simple “customers,” credit unions see us as valuable members their cooperative. We are able to vote for board members, and even run for a spot, too. However, financial institutions that exist to make as much money as possible are strictly run and owned by stockholders. The depositors are virtually in no control of how the company is managed and have no say in who gets to be making big decisions. Not-for-profit organizations, however, help give back to their members in different forms such as high interest savings and lower rate loans. It is these reasons that make credit unions so