Who
would not want to be a part of a bank that is run by its members? Credit unions
are the only bank-like organization run completely by its members. However, they
are much different from banks, and have numerous advantages. They follow numerous
different mottos and goals in order to achieve their main goals as a credit
union. Credit unions base themselves off the cooperative model, which includes
the “people helping people” philosophy, and sets me up for my financial future
by lower interest rates and higher return on savings.

Credit
unions have several different models they follow, which includes the
cooperative model. According to The University of California Cooperative
Extension, a cooperative is a privately owned, non-profit business group which
is owned and organized by its customers and users of its services. There are
various types of cooperatives which range in size; however, all have the same
goals. Their mission is to meet the goals of their members while adjusting to the
member’s fluctuating needs, which is important along with their philosophy in driving
the way cooperatives are run.

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Credit
unions philosophical motto is “people helping people,” which is tremendously
significant in how they succeed. Credit unions are given this slogan due to
their non-profit approach. Their owners are also people who take out loans and
save throughout the business; therefore, they are in complete control. All
money earned within the union is given back to the members through several
different ways, which all comes back to their final goal of helping and wanting
the best for each member. Members put money into credit unions knowing that it
is in good hands and will benefit themselves. Every action and decision made by
credit union members is done with the members’ goals in mind, driving the
“people helping people’ philosophy.

Due
to the great advantages of being a credit union member, my financial future is
put on the right track. Credit unions are unlike banks, as they are built for
the benefit of their members and not for profit. All profits are given back to their
members through several ways including loan rates being lowered, more return on
savings, and less fees. These advantages are beneficial to me now and in the
future. Eventually, I will have to take out loans for items such as college, a
house, and a car and I will be able to get the lowest rate possible, saving me
money. Being a member of a credit union like Dutrac has set me on a path to a great
financial future due to all it has to offer.

My
financial future is set up for success due to my belonging in a credit union
that follows the cooperative model and the “people helping people” philosophy.
Although credit unions have a different approach than banking, they do it for
the better. All of the credit unions aspects make me delighted that I became a
member, and I cannot wait for my financial future with Dutrac.