WESTconsin Credit Union is a Not-For-Profit…. What does that mean?
Posted: June 26, 2019
It means we are owned BY and FOR our members. As a member, you not only have access to our products and services, you have a vote. Our membership elects our volunteer board of directors that helps manage our credit union. Our board of directors are current members that live and work in the same communities that our membership does.
It means we exist to serve our members and the communities they live and work in. Profits made by credit unions are returned back to our members in the form of reduced fees, higher savings rates, and lower loan rates. We also offer our members REAL solutions to their financial needs. We offer free financial coaching, business opportunities, enhanced member experiences, and free seminars on financial topics to name a few.
But it is much bigger than that. When you chose to be a member of a credit union you also choose to support our communities. Our members support financial literacy by offering free financial education programs to our schools. We also have In-School branches, which are run completely by WESTconsin Credit Union (including high school students) employees. Our corporate contributions and donations are spread across our local communities. We give to food banks, music programs, homeless shelters, technical schools, and many other organizations all focused on making our neighbors more successful. The best part of it all is we have employees that are excited about volunteering within the communities that they are raising their families in.
Because we are also a cooperative, we operate under the seven cooperative principles which, combined with our not-for-profit status allows us to have greater impacts toward the common good.
- Voluntary and open membership (Our Board of Directors are elected volunteers)
- Democratic member control (One member = One vote)
- Members’ economic participation (Members recognize financial benefits)
- Autonomy and independence (Each member = The boss)
- Offer education, training, and info (Financial coaching, budgeting, understanding of finances)
- Cooperation among cooperatives (4,000+ Credit unions nationwide)
- Concern for community (Community involvement, charitable contributions, sense of belonging)
WESTconsin Credit Union has been serving members since 1939, and membership is open to anyone who lives or works in the Wisconsin counties of Barron, Buffalo, Burnett, Chippewa, Clark, Dunn, Eau Claire, Jackson, Pepin, Pierce, Polk, Rusk, St. Croix, Sawyer, Taylor, Trempealeau, and Washburn, or the Minnesota counties of Anoka, Chisago, Dakota, Goodhue, Isanti, Ramsey, Wabasha, and Washington, with a $5 minimum deposit in a Membership Savings Account. Credit unions are financial institutions owned by their accountholders, and member funds are federally insured by the National Credit Union Administration (NCUA) up to at least $250,000.