Money to the members (sponsored) - Spokane, North Idaho News & Weather KHQ.com

SPONSORED CONTENT

Money to the members (sponsored)

  • Also on KHQ.comMore>>

  • Local Biz Buzz

    Local Biz Buzz

    Promoting local business in Eastern Washington and North Idaho. Catch the buzz!
    >>
    Promoting local business in Eastern Washington and North Idaho. Catch the buzz!
    >>

A credit union is a financial co-op, where members’ well-being takes priority.

You’ve probably heard of co-ops: food co-ops, childcare co-ops, housing co-ops, energy co-ops.

The stuff they’re sharing varies - groceries, babysitting, housing, kilowatt-hours - but the concept is the same: In a cooperative, people join together to form an organization, sharing resources for the benefit of all members.

So what’s a credit union? It’s a money co-op - a group of people who put their dollars together, forming an organization that offers savings and checking accounts, makes loans, and offers essentially the same services as a bank.

But a credit union is grown from different DNA: A credit union is a not-for-profit organization owned by its members.

Learn more about credit unions from STCU

Money goes back to the cooperative

Like banks, credit unions must adhere to government regulations, and they’re federally insured by the NCUA. But rather than paying dividends to stockholders, credit unions return the money they make to their members. That means members get low loan rates, high savings rates, low fees (if any), and quality service.

And the member-owners are ultimately in charge, voting on a board of directors to make the big decisions.

That all adds up to a financial institution where members’ well-being is the true priority. Credit unions often provide free financial education for children and adults, along with special programs to help members organize their finances or recover from financial problems. They tend to emphasize social responsibility, contributing to local programs that benefit the community.

Small contributions add up

The first deposit in North America’s first credit union was just 10 cents.

That credit union opened in 1901, in Quebec, organized by a journalist named Alphonse Desjardins. Desjardins had noticed a lack of adequate banks for workers, and that when workers could get small loans, they paid unreasonably high interest rates.

Counting that first dime, the first collection from all members totaled $26, according to the Northwest Credit Union Association.

The first credit union in the United States opened soon after, in New Hampshire in 1909, providing affordable credit to farmers, tradespeople, and other working people.

Because everyone had a stake in their credit union’s success, members took care to repay their loans. And early credit unions’ founding principles reflected those that guide modern ones: democratic governance; an emphasis on education and social responsibility; ownership by the members.

They’re principles with popular and lasting appeal. More than 235 million people belong to 68,000 credit unions today, in 109 nations, according to the World Council of Credit Unions.

And at each of them, it’s all about pooling resources for the benefit of all.

*Content produced and sponsored by STCU

HD DOPPLER 6i
/
  • Top Stories from KHQHomeMore>>

  • Opponents and activists for I-1639 sound off

    Opponents and activists for I-1639 sound off

    Saturday, September 22 2018 9:16 PM EDT2018-09-23 01:16:50 GMT

    SPOKANE, Wash. - Initiative-1639 has been the root of controversy ever since supporters began asking for signatures. It became even more complicated when the Washington Supreme Court overturned a Thurston County judges decision after the judge initially threw out over 300,000 signatures saying the petition didn't follow election law claiming it was unreadable. 

    >>

    SPOKANE, Wash. - Initiative-1639 has been the root of controversy ever since supporters began asking for signatures. It became even more complicated when the Washington Supreme Court overturned a Thurston County judges decision after the judge initially threw out over 300,000 signatures saying the petition didn't follow election law claiming it was unreadable. 

    >>
  • Thieves try to break into Mead cemetery again

    Thieves try to break into Mead cemetery again

    Saturday, September 22 2018 8:32 PM EDT2018-09-23 00:32:15 GMT

    MEAD Wash. - Dale Baker takes time out of his busy schedule to make sure the Peone Cemetery in Mead right off of North Bruce Road is well cared for "It's a personal thing to me to volunteer here to keep something up that’s important to everybody in this community," said Volunteer Dale Baker Baker has relatives and friends who are buried in the over 100-year-old cemetery. 

    >>

    MEAD Wash. - Dale Baker takes time out of his busy schedule to make sure the Peone Cemetery in Mead right off of North Bruce Road is well cared for "It's a personal thing to me to volunteer here to keep something up that’s important to everybody in this community," said Volunteer Dale Baker Baker has relatives and friends who are buried in the over 100-year-old cemetery. 

    >>
  • Wind topples tree limb, concrete post; 1 killed, 2 injured in Tri-Cities

    Wind topples tree limb, concrete post; 1 killed, 2 injured in Tri-Cities

    Saturday, September 22 2018 7:43 PM EDT2018-09-22 23:43:47 GMT

    RICHLAND, Wash. (AP) - High winds toppled a tree limb and a concrete light post at two festivals in the Tri-Cities, killing one woman and sending two other people to a hospital. The Tri-City Herald reports that sustained winds of 18 mph (29 kmh) and gusts of up to 25 mph (40 kph) knocked down a tree limb at Ye Merrie Greenwood Renaissance Faire on Saturday afternoon, killing a woman.  

    >>

    RICHLAND, Wash. (AP) - High winds toppled a tree limb and a concrete light post at two festivals in the Tri-Cities, killing one woman and sending two other people to a hospital. The Tri-City Herald reports that sustained winds of 18 mph (29 kmh) and gusts of up to 25 mph (40 kph) knocked down a tree limb at Ye Merrie Greenwood Renaissance Faire on Saturday afternoon, killing a woman.  

    >>