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Credit unions were built on the people-helping-people philosophy in the 1800's and it has stuck. They continue to follow nine principles of conduct established by the founders of the credit union movement.
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Open and voluntary membership - Credit union membership is open to everyone within a credit union's accepted common bond. There are 67 million credit union members using services at more than 12,000 credit unions today.
- Democratic control - As a credit union member, you have a vote and the right to participate in decisions affecting the credit union's board of directors. The credit union board and other committees are made up of volunteers--members of the credit union, just like you.
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Non-discrimination - Credit unions exist to serve all members equally--with dignity and respect.
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Service to members - An American Banker survey cites credit unions No. 1 in service for the past decade-plus.
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Distribution to members - Because credit unions are non-profit cooperatives, they return earnings to members via the best rates on loans and savings.
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Building financial stability - The average credit union's capital-to-assets ratio is well above the 5% that's considered healthy. And credit unions are either privately insured or federally insured (96%) through the National Credit Union Share Insurance Fund, which is considered extremely safe.
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Ongoing education - Credit unions make information available to help you save, use credit wisely, make prudent consumer choices, and ultimately improve your financial well-being.
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Cooperation among cooperatives - When it comes to best serving members' interests, credit unions actively participate with other credit unions, cooperatives, and associates.
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Social responsibility - The credit union idea is to extend service to all who need it. Credit unions are involved in their communities.
Contact the credit union for more information.
419.625.9025 | 800.691.9299 | inquiry@vlfcu.org
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