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How is a Credit Union different from a Bank?
Credit unions are owned by its members whereas banks are owned by its shareholders who are not necessarily customers of said bank.
Credit unions are democratically controlled with each member of the credit union having a vote. Customers of a bank do not have a direct say in how the bank is operated. Decisions are usually made by a small group of directors.
Credit unions are non-profit organizations. All profits are reinvested into the credit union and its community. A share of the profit is also given back to each member in the form of an annual dividend. Bank profits go to a small group of shareholders and in most instances are not reinvested into the country within which the bank operates.
The Credit Union Logo?
The “hands, family and globe” symbol represents credit unions worldwide. This trademark represents credit unions in any language. The theme is universal and conveys the image of all credit unions.
The globe symbolizes the worldwide scope of the movement and suggests the impact that a truly united movement can have on the financial development of all countries.
The four silhouettes within the globe represents the real focus of the credit union movement. It is the human element – the harmony of people working for people – that distinguishes credit unions from other financial institutions.