Why Join a Credit Union Instead of a Bank?
Because of the Credit Union Difference...a
difference in ownership, a difference in governance, a difference in service,
and a difference in philosophy!
What Makes Us “Different”?
As a credit union, Richland Federal is a not-for-profit cooperative
financial institution serving people who share a common bond (also known
as a “Field of Membership”). That common bond can be a place of work, a
community, geographic area or an association.
The financial cooperative structure means that a Credit
Union’s members agree to pool their savings (i.e. their individual membership
Savings Share of $50.00) in order to offer loans, savings, dividends and
financial services to other members. And, unlike banks, where profits are paid
to stockholders, your credit union's "profits" are returned to you
and fellow members in the form of better rates, lower fees and superior
A credit union’s members are the owners. As an
owner, you have a voice. Credit unions are democratically owned and
Credit Union officers, directors, committee members are all
volunteers elected by the credit union membership and serve without pay. Each
member has an equal vote, regardless of how much he or she has on deposit.
Credit unions have no outside stockholders, so after
reserves are set aside, earnings are returned to members in the form of higher
dividends on savings, lower loan rates and low cost services.
A credit union’s sole purpose is to serve our
members, in good times or in bad. “People Helping People” is the
credit union philosophy worldwide and all benefits of membership are for that