Whowould not want to be a part of a bank that is run by its members? Credit unionsare the only bank-like organization run completely by its members. However, theyare much different from banks, and have numerous advantages. They follow numerousdifferent mottos and goals in order to achieve their main goals as a creditunion. Credit unions base themselves off the cooperative model, which includesthe “people helping people” philosophy, and sets me up for my financial futureby lower interest rates and higher return on savings. Creditunions have several different models they follow, which includes thecooperative model. According to The University of California CooperativeExtension, a cooperative is a privately owned, non-profit business group whichis owned and organized by its customers and users of its services. There arevarious types of cooperatives which range in size; however, all have the samegoals.
Their mission is to meet the goals of their members while adjusting to themember’s fluctuating needs, which is important along with their philosophy in drivingthe way cooperatives are run.Creditunions philosophical motto is “people helping people,” which is tremendouslysignificant in how they succeed. Credit unions are given this slogan due totheir non-profit approach. Their owners are also people who take out loans andsave throughout the business; therefore, they are in complete control. Allmoney earned within the union is given back to the members through severaldifferent ways, which all comes back to their final goal of helping and wantingthe best for each member.
Members put money into credit unions knowing that itis in good hands and will benefit themselves. Every action and decision made bycredit union members is done with the members’ goals in mind, driving the”people helping people’ philosophy.Dueto the great advantages of being a credit union member, my financial future isput on the right track. Credit unions are unlike banks, as they are built forthe benefit of their members and not for profit. All profits are given back to theirmembers through several ways including loan rates being lowered, more return onsavings, and less fees.
These advantages are beneficial to me now and in thefuture. Eventually, I will have to take out loans for items such as college, ahouse, and a car and I will be able to get the lowest rate possible, saving memoney. Being a member of a credit union like Dutrac has set me on a path to a greatfinancial future due to all it has to offer.Myfinancial future is set up for success due to my belonging in a credit unionthat follows the cooperative model and the “people helping people” philosophy.Although credit unions have a different approach than banking, they do it forthe better.
All of the credit unions aspects make me delighted that I became amember, and I cannot wait for my financial future with Dutrac.