Credit Unions are not-for-profit cooperatives, owned by their members who save and borrow there. The philosophy of the credit union movement is "not for profit, not for charity, but for service." This philosophy dictates the organizational structure of a credit union and how it differs from that of other financial institutions. A credit union belongs to its members. When you open your account, you become an owner of your credit union.
The Board of Directors, which is responsible for setting the policies of the credit union, is elected from the membership. As a member of a credit union you can nominate someone for the board or run for office yourself. You may also choose to volunteer to serve on various credit union committees such as the Credit Committee or Supervisory Committee. In selecting the directors, each member receives one vote, regardless of the amount of money the member has with the credit union.
Credit unions are focused on people, not profits. Credit unions operate by a "people helping people" philosophy that is hard to find at many other financial institutions.