Summary
Credit unions like to tell their members they are different from banks: Credit unions are cooperative financial institutions. But at the end of the day, not many credit unions really market this difference to the general public. Seattle Metropolitan CU's business philosophy is built upon the Rochdale Principles of Cooperatives. Jill Vicente, VP/chief marketing officer, says the seven principles helped Seattle Metropolitan CU clarify its purpose both within the credit union and its community. The seven principles are straightforward -- and applicable in today's credit union environment. These are: 1. Membership should be open to all. 2. Members should call the shots. 3. Rates and fees should benefit members. 4. Autonomy and independence set them apart. 5. Financial education should be free and available to all. 6. Cooperation among cooperatives is vital. 7. Giving back to the community is an obligation. Vicente believes credit unions can distinguish themselves competitively by employing one of the seven cooperative principles -- cooperation among cooperatives.
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Extract
Smile, You're a Credit Union!
Credit unions like to tell their members they are different from banks: "Credit unions are cooperative financial institutions. They are democratically governed to serve members, not shareholders." But at the end of the day, not many credit unions really market this difference to the general public.
A few credit unions, though, have appealed to the public to look at them not as just another financial institution, but as a true alternative to banks - while taking a few shots at their for-profit count...See the full content of this document
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