Do you know the difference between a credit union and a bank? Continue reading to learn five simple ways to differentiate the two, and what the “credit union difference” really means…
Not-for-profit. Credit unions are non-profit financial cooperatives that exist to serve their members, not to make a profit. Unlike most other financial institutions, SeaComm and other credit unions do not issue stock or pay dividends to outside stockholders. Instead, earnings are returned to members in the form of high interest on deposits, lower loan rates, and lower fees.
Ownership. Credit unions are an economic democracy. Each credit union member has equal ownership and one vote, regardless of how much money a member has on deposit. SeaComm members are invited to attend the annual meeting, which will take place on Tuesday, May 21, 2019. The meeting location will be at SeaComm’s headquarters, 30 Stearns Street, Massena, NY. It’s an opportunity for members to engage and participate in their ownership, meet SeaComm management, elected board members, and even other employees who serve the membership.
Member eligibility. People qualify for a credit union membership through their employer, organizational affiliations like churches or social groups, or a community-chartered credit union. A SeaComm membership is open to persons who live, work, (or regularly conduct business in), worship or attend school in and businesses and other legal entities located in St. Lawrence, Franklin, Clinton, Essex Counties, New York and Grand Isle, Chittenden and Franklin Counties, Vermont.
Financial education. Credit unions assist members to become better-educated consumers of financial services. Through an ongoing financial literacy program, SeaComm provides free Financial Education seminars to various groups of people and organizations throughout the year. Through this gesture, SeaComm works to inform and educate local communities on important financial practices, with hopes of improving each individual’s financial well-being.
People Helping People. Credit unions exist to help people, not make a profit. SeaComm’s primary goal is to serve all of our members well, and make a positive difference in the communities we serve. Through numerous charitable donations and our ongoing Pay-it-Forward Program, SeaComm has been able to promote this “people-first” philosophy, and positively impact a large number of local charities and non-profit organizations, as well as thousands of Northern New York residents. To follow the activity of our Pay-it-Forward Program, follow us on Facebook, Instagram and Twitter!