Credit Union Difference

Meet your fellow owners

At Beaubear Credit Union we exist to meet the needs of our members, not to make profit from them. Credit unions offer an alternative to traditional banks. The largest point of difference is that credit unions exists to meet the needs of their members, not to make a profit from them. Traditional banks exist to make profit for their shareholders. Their success is measured by the amount of profit they can generate from their customers. A credit union is owned by its members and has no mandate to make profit.


Credit unions also differ from traditional banks in that they do not assess a member’s creditworthiness solely on the basis of formulas that establish a credit score.  Credit unions have the flexibility and the motivation to look at the member’s complete personal and financial circumstances when deciding whether to provide a loan or other funding. In effect, credit unions can lend on the basis of the character of the member and may incur a higher level of risk if they feel the member is worthy of that risk. Because credit unions exist to serve their members needs they are motivated to do whatever they can to assist a member.

Contact Beaubear Credit Union to find out more about the credit union difference.

 

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