A credit union is a non-profit, member-owned financial institution governed by its members. Since there are no outside stockholders, all earnings are retained in the credit union. For this reason, credit unions generally pay higher returns on savings and charge lower interest rates on loans than other financial institutions. Once operating expense and reserve requirements are satisfied, the income generated by loans and investments is returned to the members in the form of dividends and expanded low-cost services.

As a credit union member, you are not a “customer” but part-owner of a financial cooperative in which all the members pool their resources to help one another. Credit unions are dedicated to the principle of “People helping people,” and have a not-for-profit tax status similar to churches, charities and other groups that work to better the lives of those involved.

South Metro Federal Credit Union is directed by a volunteer board, elected by the membership, which is entrusted to keep the members’ best interests in mind, every day, all year long. Your account will never be sold to an out-of-state bank. You will always have a voice regarding the direction of your financial institution.

Credit unions also have a special commitment to reach out to persons who might otherwise be unable to obtain affordable financial services elsewhere. For more information about credit unions, visit MyCreditUnion.gov.