The Credit Union Difference

April 4, 2013

At credit unions, we refer to our patrons as members...not customers. You may ask “What’s the difference?”

Joining a credit union is not the same as signing-up for an account at a bank. As a credit union member, you belong to a not-for-profit financial cooperative. Essentially, if you are a credit union member you are a credit union owner.

With the not-for-profit status, there are no stockholders to receive profits. Rather, members receive a greater rate of return in the form of higher dividends on deposits, lower rates on loans, and greatly reduced fees.

In fact, many products and services are free. Our checking account includes unlimited transactions, a VISA debit card, online and mobile access, electronic bill pay, remote deposit, and much more…at no charge to our members. Goldenwest credit cards have no annual fee and no balance transfer fees. We belong to a worldwide network of 30,000 surcharge-free ATMs. And, our members can conduct transactions at 5,000 credit union locations across the country...free-of-charge.

The more products and services you have with Goldenwest, the stronger our not-for-profit cooperative becomes. We always invite our members to bring loans, checking accounts, and savings that they may have at other financial institutions over to Goldenwest. More important, we want to save your family money and make your personal financial situation more secure.

With the support of our members, credit unions will continue to be a great avenue for consumers and small businesses to save money. If you want your voice to be heard in support of credit unions, become a member advocate by contacting us at advocate@gwcu.org. Or, visit our Member Advocate Group webpage. As an advocate, you may be asked to become involved in political issues that impact the credit union industry.

It’s a great time to be a member of Goldenwest Credit Union. I hope to see you on Tuesday, April 9th at our 77th Annual Meeting. I also invite you to follow me on @GoldenwestCUCEO.

Sincerely,

Kerry H. Wahlen
President/CEO