While you open an account at a credit score union like Abound, we do not name you a buyer.
You are not a buyer.
And for good purpose.
One of many primary variations between a for-profit financial institution and a not-for-profit credit score union is possession. As a Member, you actually have an possession stake within the credit score union. It is sort of an enormous deal!
Why does this matter?
Whereas we have all heard the previous sayings like “the shopper is all the time proper”, being a buyer would not normally include having a say in how a businses operates. At Abound, whether or not you may have $5 in your account or $50,000, every Member will get an equal vote in our Board of Administrators elections.
Our volunteer Board of Administrators is made up of Members such as you who consider within the energy of cooperation. They make selections with our Members in thoughts and all the time put your finest pursuits first.
How is it completely different than a financial institution?
That is very completely different from a financial institution. Though their Board of Administrators should even be elected, bigger shareholders have a bigger say within the final result and will handpick board members who usually tend to safeguard their pursuits. It additionally implies that as a result of Abound would not have any exterior stockholders pushed to earn a wholesome return on their funding, we are able to provide higher mortgage charges, larger financial savings charges and fewer charges to learn our Members’ backside traces.
It is actually easy. Our solely purpose for present is to make extra monetary merchandise out there to extra folks. Credit score unions globally share a “folks serving to folks” philosophy. This implies we consider in doing proper by our Members and giving again to our communities.
It is simple to see that at Abound! Our construction, and your possession as a Member, have allowed us to turn into a neighborhood chief in Monetary Schooling. Our staff donates numerous hours to instructing college students and adults and is making a big effect on monetary wellness in Kentucky. Study extra about our neighborhood dedication right here.
Thanks for being a Member! Remember to let your family and friends know why being a Member is healthier than being a buyer. We’re all the time seeking to welcome extra Members and assist them get forward.