//7 Co-op Principles for Credit Unions
Think Abercrombie & Fitch have been around a long time? Co-ops have been operating under the following principles for more than 150 years. Here’s what this means to you as a credit union member:
1) Open and voluntary membership. When it comes to banking, you have a choice. You can join a credit union and become part-owner of a financial co-op.
2) Democratic member control. All members have an equal share in the credit union and get to vote for the Board of Directors. You may even be nominated one day!
3) Member economic participation. The more services members use, the stronger the credit union becomes. This translates into increased benefits and cost-savings.
4) Autonomy and independence. Each credit union is separate, focusing on the specific needs of their community and membership.
5) Education, training and information. Credit unions help educate people on how to create a better financial life for themselves.
6) Cooperation among cooperatives. Credit unions get stronger by working together. (Ex: The Elements of Money is a program offered by many credit unions across the U.S. to help teens learn about money.)
7) Concern for community. Each individual credit union is committed to improving their local community.
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