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Benefits of a Credit Union |
| Benefits of a Credit Union |
| At Members Plus Credit Union, you are a member as well as an owner. Ownership means that your credit union’s earnings are returned to you in the form of higher dividends and lower loan rates. |
| A credit union is a not-for-profit co-operative effort of people pooling their resources in an effort to achieve financial stability for all. People who belong to a credit union have a common bond - they work at the same place, attend the same church, or live in the same community. A credit union is not a credit bureau; it is not a labor union; it is not a loan company or a financial house; it is a group of people who have joined forces to manage their own money. Its basic objectives are to teach and encourage thrift among members, and through their combined savings, extend to members credit for any worthwhile purpose.
The Board of Directors of the Credit Union is elected from and by the membership and has the direction and control of credit union affairs. It sets the policies under which the credit union operates, subject to Chapter 171 of the General Laws of the Commonwealth, the National Credit Union Administration, and the Commissioner of Banks.
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