Seeing the difference between credit unions like Generations Family Federal Credit Union and other profit-driven businesses, like banks, is really pretty simple. When you take your business to a profit-driven establishment, the people who own that establishment benefit, since your patronage increases their profits. Similarly, when you bring your financial business to the credit union, our owners benefit. But, the credit union is a not-for-profit financial cooperative owned in part by each and every one of our members. So you - the member - benefit every time someone chooses Generations Family Federal Credit Union to meet their financial needs.
You might be wondering, How do I benefit, exactly? Here's how it works. Banks pass their profits along to a select group of stockholders. But credit unions return excess earnings to members by paying higher dividend rates on savings and investment accounts, lowering interest rates on loans, and by introducing valuable new products and services. The more our members use our services, the more income we generate, which enables us to offer better rates and introduce even more new products and services.
When a credit union benefits, its members benefit, and vice versa. Credit unions are based on the philosophy of "People Helping People." At Generations Family Federal Credit Union, we put this philosophy into practice everyday in an effort to meet the daily financial needs of all our members.
For more information about the benefits of membership, please check out our convenient saving and loan products as well as our many other money and timesaving services.