 | Stan Cowan
has worked in the financial industry for over eight years and is currently VP of marketing for Boeing Wichita Credit Union. His education includes a BBA and MBA from Wichita State University. He also teaches part-time for the Wichita branch of Baker University. Stan can be reached at (316) 651-5169 or scowan@bwcu.org |
Banking & Finance
2004-08-01 11:28:00
Do I own part of the credit union?
: How are members of credit unions partial owners? Do they have any power or say so in how the credit union is operated?
ANSWER: One of the many differences be-tween banks and credit unions is the concept of ownership. Credit unions are not-for-profit financial cooperatives. Members of credit unions are called 'owners' because their 'share' account (or savings account) is their share in the credit union. And, when you keep your membership in good standing, as an owner, you have the privilege of voting for your board of directors during the election process. This is the 'power' that every member has, just like in our Democratic society in America.
