A credit union is a customer/member owned financial cooperative, democratically controlled by its members, and operated for the purpose of maximizing the economic benefit of its members by providing financial services at competitive and fair rates.
Access to affordable, reliable and self-sustainable financial services improves lives on many different levels. Credit unions work to expand services to people of all income levels.
85,000 credit unions in 118 countries improve the lives and communities of 274 million members.
Members share a common community, occupation or place of work. Service to the working poor is blended with service to a broader spectrum of the population, which allows a credit union to offer competitive rates and fees.
Credit union members elect a board of directors from their membership. Members each have one vote in board elections, regardless of their amount of savings or shares in the credit union.
Net income is applied first to adequacy requirements. Member owned capital structure, compared to stockholder capital, allows the credit union to manage surplus to lower interest rates on loans, higher interest on savings or new product and service development.
World Council represents more than 86,000 credit unions serving over 291 million members in 118 countries.