The Credit Union Difference!
Credit Unions are uniquely different from other financial institutions and are viable saving alternatives to other financial institutions in Jamaica!
- Non-profit co-operatives
- Credit unions only exist to serve their members and their communities.
- Credit unions are owned by their members and democratically controlled; one member = one vote
- Credit unions do not pay corporate income tax
- To do business with any credit union, one must first become a member of that Credit Union.
- Dividends are paid to members who are shareholders of their credit unions
- Credit Unions offer favorable interest rates on savings, loans, and services.* conditions apply.
- Credit Union members automatically receive loan protection and life insurance protection at no cost to them.* conditions apply.
- For-profit corporations
- In-service to their shareholders
- Owned and controlled by outside shareholders; vote according to individual shareholdings.
- Pay corporate income tax on profits.
- Dividends are paid to shareholders according to their investment in the organization
- Board members do not necessarily reflect the diversity of their customer base
- Low-interest rates on savings; higher loan rates and fees
- Offers insurance products at a cost to customers
