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Routing #:273976592

What Is A Credit Union?

The dictionary defines a Credit Union as “a non-profit cooperative whose members can borrow from pooled deposits and low interest rates.” So is a Credit Union just a bank with lower loan rates? Not quite.

Credit Unions first formed around the idea of a “co-operative”, which is used widely in the Midwest, especially with farmers. The goal is to work together as a group and by doing this, cutting out the profit portion of a normal business. This leads to lower costs, tax benefits and happier members of the co-operative.

At a Credit Union, you are a member and not a customer. Peoples Credit Union gives back all income to the members in many ways: higher deposit rates, lower loan rates, new services, technology and buildings. We don’t have a bunch of wealthy shareholders, but do have many owners. Every member is an owner of Peoples Credit Union with their $25 share and has an equal say with their vote. Credit Unions offer very similar services to banks, from checking accounts to mortgages and even personal loans. However, we don’t participate in risky insurance, large business loans or other unorthodox things that contributed to the Financial Crisis in 2008. We are simple: Your local Credit Union that offers excellent services for all your needs.