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A Better RelationshipNew federal laws and regulations are changing the structure and face of the financial service industry. Now more than ever, credit unions are being touted in the media and credited with providing a safe, affordable, overall better alternative to banks. In this time of accelerating change, it is important to truly understand why credit unions remain a necessary financial alternative for 87 million Americans.
Credit Unions are focused on the common goal of providing quality financial services based on a foundation of financial strength and integrity. Our foundation and approach to business have enabled credit unions to more effectively weather the storm of this turbulent economy.
People Helping People. Credit unions were built on the principle of people helping people. We exist to serve our members and offer financial guidance. This philosophy of people helping people extends to our charitable activities that benefit the communities we serve.
Not-for-profit. Credit unions are not-for-profit financial cooperatives. Unlike most financial institutions, credit unions do not issue stock or pay dividends to outside stock holders. Instead, earnings are returned to our members in the form of lower loan rates, higher interest on deposits and lower fees.
Ownership. Credit unions are a democracy. Each credit union member has equal ownership, regardless of how much money they have on deposit. As a member and owner, voting rights are maintained for issues concerning the operations and policy of their credit union.
Volunteer Boards. Every credit union is governed by a board of directors, elected by and from the credit union's membership. Board members serve voluntarily to ensure policies and practices are in the best interest of the collective membership.
Membership Eligibility. Membership eligibility is required. People are eligible for membership through their place of residence, employer or organizational affiliations like churches or social groups.
Financial Education. Credit unions provide beneficial education to our members so they can become better educated consumers of financial services. We not only focus on our adult members, but work to give our youth and young adults the skills they need to become financially savvy.
Though all credit unions were built upon the same premise, each one operates as an individual business with unique core values. At First Source, our objective is putting you first by providing solutions to improve your financial life. With some of the highest service ratings in the nation, we are proud to serve more than 30,000 Members.
What you can expect from First Source in 2010?
Despite mixed expectations among economists regarding our nation's financial outlook, it's business as usual at First Source. Though not entirely immune to the effects of the economy and regulation, First Source remains strong. 2010 will bring additional product and service enhancements as well as continued growth. While large financial institutions are limiting their lending and other services, we continue to make loans and serve our members as always. We are committed to be there when you need us the most.
At First Source, it's your credit union, you profit. It's an overall better relationship where You're FirstTM.
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Your savings federally insured to at least $250,000 and backed by the full faith and
credit of the United States Government. Membership eligibility is required. |
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