Credit unions are and always have been people oriented financial institutions. Lancaster county has witnessed bank openings, closings and mergers galore over the last decade. Through it all Wheatland FCU has been serving the needs of Lancaster county since 1936. Though credit unions may not seem different from banks at first glance, these financial cooperatives are different in many ways.
Here are just a few qualities unique to credit unions:
CREDIT UNIONS ARE OWNED BY THE MEMBERS THEY SERVE
Most financial institutions are owned by the stockholders, who own part of the institution and intend on making money from their investment. Credit unions operate differently. Each credit union member owns one share of the organization. Each credit union member is an owner and is even entitled to vote on important issues, such as the election of member representatives to serve on the Board of Directors.
CREDIT UNIONS ARE NOT-FOR-PROFIT ORGANIZATIONS
The goal of any stock owned institution is , by definition, to maximize profits. Not so with a credit union. In fact, net income is frequently re-invested into the credit union in the form of better rates, fewer fees and stronger reserves.
CREDIT UNIONS ARE SERVICE ORIENTED
You’ve heard this one before….it has become popular for financial institutions to promote their increasing focus on service. To credit unions this is no passing fad. It is actually the very reason credit unions exist...over a hundred years ago, the credit union movement was founded on the philosophy of “Not for profit, not for charity, but for service”. This philosophy has led us to the approach in all our dealings with our members that “people are worth more than money”.
Financial institutions will continue to come and go in Lancaster county. As your alternatives continue to change, remember that Wheatland FCU’s goals and philosophies never will.