Why You Should Bank With St Louis Community Credit Union

St Louis Community Credit Union is a nonprofit cooperative financial organization that is organized for promoting thrift as well as offering credit to its members. It is owned by members and controlled by a board of directors who are elected by members. The board works like a volunteer and could hire a team to manage the working of the credit-union. It establishes policies and revises them, directs particular operations and sets rates of loans and dividends. This results in the members being provided a convenient, safe place to borrow and save at a reasonable rate in an organization that is determined to benefit them and not make profits.

Union and institutions

Stockholders own a majority of financial institutions. They own parts of the institutions with the intention gaining monetarily from the resources that they have invested. Credit unions do not operate in this manner. Every member of the St Louis Community credit union owns a share of the institution. One who uses the services of the credit union is an owner, too. All members can vote on issues that are important like electing representatives from members to be part of the board of directors. Let us go back in time to find out how credit unions started. Over a hundred years ago, the first credit cooperatives were started in Germany. Today, they are found all over the world. The movement of credit unions started in the US in Manchester in New Hampshire. A credit union affiliated to the church, St. Mary’s Cooperative Credit Association was opened there in 1909. One in three Americans is a member of a credit union today. The main purpose of the St Louis Community Credit Union in furthering its aim of service is for encouraging people to grow their money. it also wants to provide loans to its members. Credit-unions have been giving loans to average people since the time they were founded. They pay very high returns on savings and charge low rates of interest for loans as they are not for profit institutions. Instead of splitting the profits among stockholders, they return earnings to their members by way of improved services and dividends. All the savings accounts are insured federally up to $250,000. The retirement accounts are insured individually to $250,000 by NCUA, National Credit Union Administration. This is a federal government controlled agency. Those who attend school, worship, work or live in St. Lois City as well as St. Louis County in Missouri or Monroe, Madison, St. Clair or Jersey Counties in Illinois can become a member.

Members

Relatives of the members of the credit-union can also become members including children, spouse, sisters, brothers, grandparents, grandchildren, uncles, aunts, nephews, nieces, first cousins, legal guardians, in-laws, step and legally adopted relations. Once you become a member, you can enjoy the benefits of St Louis Community credit-union as long as you have an active account whether you move residence, switch careers or change jobs.