A better deal financially...
A better deal in personal service...
We are not-for-profit... We care, we will get to know you as a person, and we will never offer you something you don't need.
St. Cloud Federal Credit Union is not a bank. We offer banking services, but we are a not-for-profit financial cooperative.
We are not owned by investors.
We are owned by our members. We are a "financial cooperative" consisting of individuals with a common affiliation. In our case, that affiliation is geographic and it is local.
Everyone who lives, works, or worships in Stearns, Benton, or Sherburne counties can be our member. That also includes the extended families of members, no matter where the family members may live.
Our profits stay in the Credit Union to help offer competitive rates, products, and services. We look to invest our profits back into our membership and into our communities. We strive to make a lasting, meaningful difference.
Profits benefit people.
As in the banking industry, we are governed by a Board of Directors. Members of our Board and various oversight committees are local volunteers who are also members of the Credit Union. They receive no compensation for their service and commitment.
At the Credit Union, since we don't have stockholders, there is no confusion - we are here for people.
Banks are for-profit businesses. Making a profit is necessary for Credit Unions, too. The difference comes in the way those profits are used.
Banks are owned by private or public investor. To them, a bank is a way to make a return on their investment.
Also, banks have no restrictions on where their customers live or work.
On the other hand, the large money center and interstate banks (Citigroup, Bank of America, JP Morgan-Chase, TCF, US Bank, Wells Fargo, and others) can operate anywhere in the USA or possibly anywhere in the world.
These interstate banks generally have no "home town" loyalties. Their profits, for the most part, do not stay in the communities where they do business.
Profits go to the bank investors.
Banks are for-profit institutions run by officers and directors who are legally bound to make decisions in the best interest of the stockholders.
Banks have to keep their stockholders happy.
Banks are run by officers and directors chosen by owners, stockholders and bank holding companies, many of which are located out-of-state, especially in the case of money center and interstate banks.
Directors of banks customarily receive director fees, per diem, stock options and other perks.