What Is a Credit Union?

What is a Credit Union?

A credit union is a member-owned, not-for-profit financial cooperative. Credit Unions offer the same types of products and services that a bank offers, like savings and checking accounts, credit cards, auto loans and mortgage offerings as well as a vast array of other financial services to their members. The difference is that members of a credit union benefit from higher returns on their savings, lower rates on their loans and fewer account fees because the credit union is member-owned.

Most credit union membership is based on a common bond, most notably a specific community, organization or place of employment. Class Act’s common bond is our local educational community, including our founding sponsor, Jefferson County Public Schools.

Here at Class Act we strive to show you the difference the credit union can make in your everyday finances. From everyday account transactions to the purchase of a home, we want to be there to help guide you and to give you “Straight A’s for your Money.”

Advocacy

Your voice matters. That’s why Class Act participates in a national members advocacy program to educate lawmakers on the credit union difference. Through this program, members receive updates on issues that affect credit unions and the tools necessary to reach out to lawmakers and make a difference in the credit union movement. Stories from members just like you, can be the fuel for changing our world for the better.

Credit unions are not focused on rising profits for the pockets of stockholders. They exist to provide better rates on loans and higher dividends to member owners. These member owners have the right to speak up when it is necessary to protect the cause that can be easily tainted by the financial power that comes from big banks.  Credit unions are treated different than banks with regard to laws because of their nature as non-profit organizations. However, banks often lobby against credit unions to take away the rights that they have had since the beginning.  Let’s work together to make sure that credit unions are heard. As issues arise, Class Act will make sure to keep its members updated. If you are interested in learning more, you can visit www.asmartchoice.org. Also, see the video below on Data Breaches and the effect that they can have on your financial institution.

Own your credit union. Let’s own Class Act!

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