What is a credit union?

How is a credit union different than a bank? Credit unions are not-for-profit organizations that exist to serve their members. Like banks, credit unions accept deposits, make loans and provide a wide array of other financial services. But as member-owned and cooperative institutions, credit unions provide a safe place to save and borrow at reasonable rates.

Member Owned

YOU ARE MORE THAN A MEMBER, YOU ARE PART OWNER.

Credit unions are owned and controlled by the people, or members, who use their services. Your vote counts. A volunteer board of directors is elected by members to manage a credit union.  This board of directors meets monthly to review the safety and soundness of the credit union.  Their job is to ensure policies and procedures are in place to protect the credit union assets, as well as provide the products and services members’ want.  As we mentioned, the board of director positions are volunteer positions, so these board members  truly care about the success of Farmway Credit Union.