Neighborhood Credit Union

Behind the Credit Union Philosophy of “People Helping People”

“Banks use people to make money. Credit unions use money to help people.”

Credit unions all over the world live by a “people helping people” way of thinking. Our main goal is not to worry about making a profit, but being there to help you achieve your financial goals.

We want to show you why the “people helping people” philosophy is so important to credit unions.

Credit Unions began with YOU in mind

From the very beginning, credit unions’ main focus has always been about helping members meet their financial needs.

Due to a crop failure and famine in 1846, Herman Schulze-Delitzsch and Friedrich Raiffeisen organized a cooperatively-owned mill and bakery that sold bread to its members at huge savings. It wasn’t long after that Raiffeisen wanted to provide credit to farmers helping them buy livestock, equipment, seeds and other farming needs.

They weren’t worried about making money. All they wanted to do was help the members make ends meet during a tough time. This became the model for today’s credit unions.

Credit Unions put YOU first

Neighborhood Credit Union employees at a community event.

Big banks are global and credit unions are local.

Whether it’s being involved in the community to provide financial education, trying to get you the best rate on your next loan, or simply treating you like a person and not just an account, credit unions are always looking for new ways to help members and their community.

While credit unions don’t have as many physical locations as the big banks, so they work to make sure you can still have convenient access to your accounts through a national shared branching network. That means you are able to go to another credit union location that participates in Shared Branching and make deposits and withdrawals.

The same thing goes for ATMs. Through the Allpoint ATM network, you are able to use ATMs across the country surcharge-free. It’s perfect if you’re on vacation and need to make a sudden withdrawal. It’s all about giving you convenient options.

Credit unions also give you online and mobile banking options just like the big banks. From mobile deposits to biometric security features, credit unions embrace technology with you in mind.

Members are the priority. Not profits.

YOU own the Credit Union

If you’re a member of a credit union, you’re also an owner of the credit union and have a say in how it’s run. For example, when you deposit your $25 into your Prize Savings Account, that’s your membership investment in Neighborhood Credit Union. Needless to say, you’re much more than an account number.

When credit unions hold their annual meeting, you are able to attend and voice any opinions you might have about how the credit union is being operated. Unlike the banks where the paid board of directors are elected by shareholders, the board of directors at credit unions are volunteers and are elected by the members.

Profits are returned to YOU

Contrary to the big banks where profits go to shareholders, profits earned by a credit union at the end of the year immediately go back to the individuals who own it. That’s right. You!

That means we are able to use these profits to give you better rates on your loans and higher interest rates on your deposit accounts. When credit unions have a good year, we want to make sure the benefits are passed along to you.

Here it is over 150 years later and Herman Schulze-Delitzsch and Friedrich Raiffeisen’s model still stands strong. Going the extra mile to help members out during the good times and bad is what credit unions are all about.