What Does It Mean To Be A Credit Union Member?
Credit unions are sometimes overlooked because of misconceptions about what it means to be a member of one.
While they’re similar to banks in many ways, there are a few key differences that set credit unions apart. If you’re considering making the switch, here’s what you need to know about how credit unions work and what it means to be a member.
YOU SHARE OWNERSHIP
When you join a credit union, you aren’t just a member, you’re a part owner. Credit unions are not-for-profit financial cooperatives owned and controlled by the members themselves.
As a result of this structure, the decisions made by credit union managers and board members are in the best interest of the members.
YOU HAVE A SAY
As a credit union member, you have a say in how the credit union is run by getting the chance to vote on the board of directors who manage the credit union. You’re eligible to vote just for being a member, no matter how much money you deposit or borrow from your credit union.
At Interra, our board members live and work in the same communities as our members, so they truly care about the members and the communities we all live in.
As a credit union, we take any decisions we make seriously and with our members in mind. When we consider the structure of a product or service, our credit union managers and board members ask each other what’s best for our members.
PROFITS BENEFIT YOU
Credit unions work similarly to banks in some ways. The money members deposit is used to make loans to other members. However, banks are for-profit businesses. At banks, the profits benefit the shareholders, not the customers.
Credit unions operate to improve the financial well-being of their members. That means what credit unions earn, they return to their members through higher rates on savings, lower rates on loans, and fewer and lower fees.
YOU STILL GET WHAT THE BIG BANKS OFFER
Some people think credit unions don’t know banking like the big banks —- that’s not true for us at Interra. We’ve kept up with service and technology needs and are passionate about providing our members financial resources for every life phase. We also have many locations for your convenience.
WHO CAN BE A CREDIT UNION MEMBER
It’s easy to join and easy to qualify to become an Interra member.
● If you live or work in Elkhart, Allen, DeKalb, Fulton, Huntington, Kosciusko, LaGrange, La Porte, Marshall, Miami, Noble, Pulaski, St. Joseph, Starke, Steuben, Wabash, Wells, or Whitley counties; or,
● Have an immediate family member who is an Interra member; or,
● Work for a business or organization that offers Interra membership as a benefit.
WHAT IT MEANS TO BE AN INTERRA MEMBER
We are your local, community credit union that is focused on providing the best member service! We stand true to our mission: To be our members’ most trusted and valued financial resource.
Interra is somewhere you can feel proud to be a member because we care about investing in and giving back to our community. In fact, our foundation, the Interra Cares Foundation, supports the community through programs like teaching financial wellness and supporting initiatives of local nonprofits.
As a member, you can join our community outreach initiatives like food drives and the holiday Hometown Giving service project!
HOW TO BECOME A MEMBER
Just log into www.interracu.com to become a member today! Or you can stop by any local Interra office that is closest to you. (Check out what you need to bring with you if you’re needing to open an account or apply for a loan.) If you already have an account elsewhere, don’t worry. Switching your account to us is simple and we can walk you through it step-by-step.
At Interra, we’re committed to our members. We’re looking forward to serving you already.