What Is A Credit Union

To understand how you can benefit from belonging to a credit union, it's important to understand the difference between a credit union and a bank.  Here's where banks and credit unions are the same - you can make a deposit, get a loan, or apply for a credit card at both places.  Yet there is a key difference.  Banks are run for-profit.  They're in business to make money for their investors.  Credit unions aren't run for profit.  When you deposit money at Toledo Metro Federal Credit Union, you become a shareholder, actually a part owner of the credit union. Profits are returned to credit union members in the form of higher dividend rates on savings and lower interest rates on loans, along with a host of other benefits.

Toledo Metro Federal Credit Union is governed by a volunteer board of directors who are voted on by the membership.  A bank's board members are appointed and paid to make decisions that affect the corporation's bottom line.

 

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