A Credit Union is a not-for-profit member-owned financial institution operating for the benefit of its membership. Credit Unions pay higher dividends on savings and offer reduced rates on loans to their members. Additional earnings are redistributed to the members in the form of new products and services. The Board of Directors of the Credit Union is elected from the general field of membership and is unpaid for their service. Each member must meet eligibility requirements spelled out by the Credit Union's Charter to become a member. Our Community Charter allows anyone who lives, works, attends school, worships or volunteers in Erie or Crawford County, PA to become an Erie FCU member.
Bank lobbyists want to reduce and remove Credit Unions from the financial playing field. By trying to eliminate their competition they are fostering more support for the Credit Union Movement than ever before. Their own behavior demonstrates why Credit Unions were allowed to organize and grow over the last 69 years. Please continue to support the Credit Union Movement to guarantee Credit Union Service well into the next millennium.
| Credit Unions | Banks |
|---|---|
| CREDIT UNIONS HAVE MEMBERS. | BANKS HAVE CUSTOMERS. |
| Credit Unions were established to help members save money and become financially secure. | As for-profit entities, the goal of banks is to make money for stockholders. |
| PROFITS ARE RETURNED TO MEMBERS. | PROFITS GO TO STOCK HOLDERS. |
| Profits are returned to members, through better rates and lower fees. | Banks earnings go to stockholders, who own the bank. |
| CREDIT UNIONS ARE LOCAL. | BANKS CAN BE HUGE. |
| Credit Unions are local financial institutions and support their local community. | The largest banks are national or international in scope, having less of a connection to the local community. |
| CREDIT UNION LEADERSHIP. | BANK LEADERSHIP. |
| Credit Unions are overseen by a board of directors, democratically elected by the members. One member. One vote. | Only shareholders can vote for directors. Votes are cased based on how many shares are owned. |
