The following is the second in a series of three member newsletter articles your credit union can use to publicize your involvement in Project Differentiation. This series of articles is copyrighted and intended for use only by credit unions that are participating in Project Differentiation. . The Project Differentiation Logo and articles are available on CUNA’s website, www.cuna.com.

What exactly is “The Credit Union Difference”?

In MONTH NAME, CREDIT UNION NAME joined credit unions nationwide in participating in Project Differentiation. As part of completing the Project, we are completing a “Statement of Commitment,” which helps us evaluate the services, policies, and practices that make us—your credit union—a unique and invaluable asset to you and the community.

Many people may not know what makes a credit union different from other financial institutions. Here are just a few ways credit unions are unique:

• Member-owned. There are no corporate bigwigs at CREDIT UNION NAME. Instead, each depositor has an ownership share (that’s why your savings account is called a “share” account). As a member, regardless how much you save or borrow, you have one vote and can participate in annual meetings where decisions are made about our services, policies and operations as well as who sits on the credit union board of directors. Customers of other institutions, such as banks, have no say in the services they receive. For example, a bank customer cannot vote to prevent an inconvenient megamerger that would cause the bank to make its lending and service decisions in an out-of-state office.
• Not-for-profit. Because you're a member (owner) of CREDIT UNION NAME, we're out to protect your pocketbook! We return any profits to you—the members—in the form of lower loan rates, higher interest earnings, annual dividends, and low or no fees for services. (STATE HOW MUCH HAS BEEN RETURNED TO MEMBERS LAST YEAR, SINCE INCEPTION, etc.) What's more, as non-profits, credit unions ensure competition for financial services, keeping bank fees in check. That benefits all consumers.
• Volunteer driven. Each of our NUMBER-member board of directors is an unpaid volunteer you have elected to work in your best interest. These volunteers live and work in the community served by the credit union, which makes each board member easily accessible. As part of lending and other committees, board members make decisions to constantly improve member service.
• Cooperatives. Cooperatives pool resources for the common good. In like fashion, depositors of CREDIT UNION NAME pool funds to lend to one another. Through our structure and operation, credit unions carry out the credit union philosophy of “people helping people.”

Next issue: Plans to unveil our Statement of Commitment to you - our valued member.

Project Differentiation is brought to you by the ADD STATE NAME Credit Union League and CUNA. For more information, please contact the ADD STATE NAME Credit Union League or CUNA.

Copyright © 2009 - Credit Union National Association, Inc.