What is a credit union?
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations.
The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
Who owns the credit union?
Country Financial is different from other financial institutions because we are a member owned financial cooperative, we are owned by our members not shareholders. Members deposit their money with the credit union and earn dividends, which allow us to lend those funds to members that want to borrow for things they need. Borrowing members pay interest on the funds and in turn that money is used to keep the credit union growing and healthy. This is a prime example of the credit union philosophy of "people helping people."
Not for profit –
What does this mean to you? This does not mean Country Financial is not interested in making money, Country Financial is a business and we must work to ensure we are profitable so that we always operate with safety and soundness. What is different is how we use our profits; profits are returned to YOU the member in many forms, competitive deposit & loan rates, and products and services with low or no fees. Some profit is set aside in the form of capital or reserves.
What is the difference between an ATM card and a Debit/CheckCard?
An ATM card is only accessible by using a PIN. A Debit/CheckCard is accessible by entering a PIN or by using your signature.