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Home > About YNCU > What is a credit union?

What is a credit union?

A credit union is a financial co-operative, composed solely of member-owners who share the philosophy of "not for profit, but for service." Unlike some financial institutions, our volunteer Board of Directors are member-owners, who work int he best interest of other fellow member-owners. Without shareholders to pay, profits are returned to the members in the form of improved service levels, technology enhancements, dividends, rebates, new product and service delivery channels, lower loan rates, low or no-fee products and services, and higher savings rates. At a bank, the only people who benefit from profits are the investors.

Locally owned and operated, Your Neighbourhood Credit Union is more responsive, more committed and more in tune with your needs, as well as the needs of our community. As a result, we are comitted to supporting worthwhile causes that have a positive impact on Your Neighbourhood. In fact, we invest a percentage of our after-tax profits into the community each year. (Learn more in "Making a Difference")