The Idaho Credit Union Difference
Credit unions are not-for-profit, cooperative financial service providers – owned and governed by their members. That unique structure intentionally holds credit unions accountable to their members, and every decision made is in their best interests. Unlike profit-driven financial institutions focused on paying Wall St. stockholders, credit unions focus only on serving their Main St. members.
Helping Members Achieve Their Financial Goals
What does this mean? Financial value, for one. With no stockholders to pay, credit union members pay lower interest rates on loans and earn higher interest on their savings than they wold if they banked with a profit-driven financial institution. Last year, Idaho credit unions returned $71.5 million in direct financial benefits to their members, an average of $96 for each person who belongs to a credit union and $183 per credit union household.
With their cooperative, member-owned “DNA,” credit unions offer the services consumers care about – new and used auto loans, home equity loans, and small business loans to name a few. In fact, 66% of total mortgage applications from low to moderate income borrowers are approved by Idaho credit unions.
Credit unions cooperate, meaning their members can use a nationwide network of ATMs and shared branches, giving them access to their money almost anywhere, surcharge free.
Protect the Cooperative Choice
As member-owned, democratically controlled financial institutions, credit unions remain an extremely popular and important financial alternative for more than 748,000 Idahoans.