How does a credit union work?
Your credit union is simple!
- We invest your money into common funds.
- You elect your members as directors at Annual General Meetings to manage your funds.
- Lend members money from your funds
- You are charged interest on loans acquired.
- Interest earned and profits from investments is your credit unions’ income.
- The Board of Directors along with the General Manager pay the cost of running your credit union with the credit unions income.
After operational expenses are determined DIVIDENDS are distrusted to members in good financial standing with the credit union.