What is a Credit Union?

A credit union is a not-for-profit cooperative financial institution. A cooperative is a business that belongs to the people who use it and operates for the sole purpose of benefiting its members. Credit unions are owned by the people who use them.

Credit unions are formed by members to serve anyone in the field of membership. Members pool their savings, lend to one another, and own the organization where they save, borrow and obtain financial services. After operating expenses and reserve requirements are met, the remaining income is returned to the members as dividends and comprehensive financial services. A credit union is member-owned and controlled through a Board of Directors elected by the membership. The Board serves on a volunteer basis. The Board establishes and revises policy, sets dividend and loan rates, and directs certain operations all under state or federal regulation.

The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.

The Credit Union Difference:

  • You are a member-owner of the credit union.
  • Your Board of Directors and Committee members are volunteers.
  • Any additional income the credit union achieves from your participation goes right back to you in the form of convenient services, better rates and lower fees.
  • East River FCU focuses on member service, instead of profit.
  • You vote for your Board of Directors at our Annual Meeting. Each member gets one vote