The Credit Union Difference
Credit unions are not-for-proﬁt, cooperative ﬁnancial services providers, owned and governed by their members. That unique structure intentionally holds credit unions accountable to members, and every decision made is made in their best interests. Unlike for-profit ﬁnancial institutions focused on paying Wall St. stockholders, credit unions focus only on serving their Main St. members.
What does this mean?
Financial value, for one. With no stockholders to pay, credit union members pay lower interest rates on loans and earn higher interest on their savings than they would if they banked with a profit-driven financial institution. Last year, Washington credit unions returned $352 million in direct financial benefits to their members, an average of $82 for each person who belongs to a credit union. With their cooperative, member-owned “DNA,” credit unions offer the services consumers care about—new and used car loans, home equity loans, and small business loans to name a few.
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Washington Credit Unions’ $5.1 Billion Impact
An independent analysis by economists at ECONorthwest found Washington’s credit unions delivered a $5.1 billion boost to the state’s economy. See the report here.
Protect the Cooperative Choice
As member-owned, democratically controlled financial institutions, credit unions remain an extremely popular and important financial alternative for 4.3 million Washingtonians.