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What Makes Credit Unions Special?1/11/2021

Credit Union Members

Are you wondering what makes credit unions special and why people tend to favor them over banks? Well, what makes credit unions special is YOU! People who are members of credit unions like, Health Advantage, are also owners of the credit union.

This means that you have a vote for our Board Members – and can actually help decide what things will be like at Health Advantage. Our Board Members help control or govern what goes on at the credit union. Members like you have the power to guide our credit unions course of action and if you are not happy with what is done you have the opportunity to make a change.

How is a credit union different from a bank?

Credit unions like HACU exist only to serve you, our members! Banks on the other hand must make profits for their shareholders (those who hold or own a share of the bank). Credit unions have a one member, one vote philosophy for any elections that take place within the credit union. This is unlike for-profit financial institutions, like banks, whose shareholders vote according to the number of shares or stocks they own of the bank.

For example, if someone has $1.00, they get one vote. If someone else has $100.00, they get 100 votes. However, in a credit union all members are equal. Each member gets one vote no matter how much money one members has over another member.

All members have an equal say in what happens at their credit union. Now, that is pretty special! Thank you for being the special part of our credit union!



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