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What Makes the Credit Union Different

By January 19, 2021August 23rd, 2021No Comments

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