Credit Union Difference
Credit unions are different from other financial institutions in many important ways—from the reasons to join to the safety of your money to who actually owns the credit union! At Energy Capital, we think everyone deserves the chance to find a credit union, fall in love and join one. But we realize that before you’re willing to commit, you need all the facts.
So here’s your chance to learn what credit unions are, how they differ from other financial institutions and why you can trust us with your financial life.
Not for Profit - We don't issue stock.
Credit unions are not-for-profit financial cooperatives. We exist to serve our members, not to make a profit. Unlike most other financial institutions, credit unions do not issue stock or pay dividends to outside stockholders. Instead, earnings are returned to our members in the form of lower loan rates, higher interest on deposits, and lower fees.
Taxation - We are exempt from federal income taxes.
Credit unions do pay taxes – payroll taxes, sales taxes, and property taxes. We are exempt however from federal income taxes because all of the money we make if reinvested back into you, our members.
Ownership - You are our owners.
Credit unions are an economic democracy. Each credit union member has equal ownership and one vote – regardless of how much money a member has on deposit. At a credit union, every customer is both a member and an owner.
Volunteer Boards – Unpaid and Elected by You.
Our board members truly care about you. They don’t take fancy Hawaiian trips or have big steak dinners. They focus on the real financial issues that our members face. All credit unions are governed by a board of directors, elected by and from the credit union members.
Financial Education for Members – It’s our priority for you to be financially sound.
Credit unions assist members to become better educated consumers of financial services.
Social Purpose – People Helping People.
Credit unions exist to help people, not to make a profit. When you succeed, we succeed.