A not-for-profit financial cooperative aimed at promoting thrift, savings and sound credit use to improve the lives of its member-owners.
A for-profit financial institution aimed at maximizing profits for stockholders.
Every member of the credit union is an equal owner, not just a customer.
Banks have customers. Only stockholders are considered owners of a bank, and they are not required to have an open account at the bank they invest in.
Credit unions have a Board of Directors, who serve as unpaid volunteers. The Board is elected by the credit union’s members.
A bank’s Board of Directors is elected by stockholders. They are paid and legally bound to make decisions that benefit stockholders, not the bank’s customers.
Credit union profits, in excess of expenses, are returned to members in the form of lower loan rates, higher savings rates and lower fees.
Banks maximize profits for stockholders, often offering little to no return to customers for their investment.
Credit unions are exempt from corporate income tax since they are not-for-profit cooperatives that return profits to their members.
Banks are taxed because they are designated as for-profit corporations who only return profits to their stockholders.
Credit Union Cooperative Principles
Peach State’s Internal Core Values
Prepare yourself for the opportunities of the future. If you don’t you might not recognize those opportunities as they pass by.