|Pequot Lakes Branch|
· Credit Unions are member-owned. Banks are owned by stockholders.
Everyone who has an account is a member, or owner, of the Credit Union. Members can vote for Credit Union directors to help run their financial institution.
· Credit Unions are not-for-profit. Banks exist to make a profit.
The primary goal of a Credit Union is service, not profit. Credit Unions can frequently offer better rates on savings and loans because the focus is off the bottom line.
· Credit Unions are limited in who they can serve. Banks can usually serve anyone.
Not everyone can be a member of any Credit Union. A Credit Union’s charter explains exactly who they serve. Mid-Minnesota requires members to live, work, worship, or attend school in the geographic regions they serve (Cass, Wadena, Crow Wing, Todd, Douglas, Morrison), or are a blood relative of someone who meets those guidelines. A Simple $5.00 deposit is all that is required.
The Credit Union Board of Directors is made up of regular members who meet monthly to determine and act on a variety of issues. The Mid-Minnesota Board of Directors is made up of unpaid volunteers who take on fiduciary responsibility in setting the direction of credit union policy and much more. The board consists of members from varyings communities throughout Central Minnesota.
· Credit Unions primarily serve the consumer market. Banks focus on business.
Credit Unions came into existence because individuals felt under-served by banks.
|Jeanne Lee, Little Falls Branch Manager|