ORNL FCU 75 Years

THE ORNL FCU DIFFERENCE

...AND HOW WE DIFFER FROM BANKS

‘People helping people’ is the philosophy of the credit union movement; a movement that ORNL Federal Credit Union is proud to be a part of. As an organization, we strive to uphold the philosophy of the credit union movement as it aligns with our purpose and core beliefs.

CREDIT UNIONS

BANKS

For-profit; exist to earn a profit for stockholders

PHILOSOPHY

Not-for-profit; exist to serve members

OWNERSHIP

Member-owned

Stockholder-owned

Member-elected volunteer (unpaid) Board of Directors Directors reflect the diversity of the membership Profits paid back to members in the form of higher savings rates and lower loan rates

Shareholder-elected, paid Board of Directors

GOVERNANCE

Profits paid only to stockholders

PROFITS

Customers; customers have no say in their institution’s operations or Board of Directors

Members; each member has an equal membership share and vote

WHO IS SERVED

Banks are open to the general public

Credit unions are local and are organized to serve the interests of its membership Credit unions focus on consumer loans and member savings, as well as services needed by the membership Credit unions cooperate with other credit unions and share resources to bring convenience and savings to members NCUSIF administered by NCUA, a federal agency; accounts insured up to $250,000

Banks focus on commercial loans and accounts and services that generate significant income Competition between banks prohibits a sharing of resources FDIC, a federal agency, accounts insured up to $250,000

PURPOSE

COLLABORATION

SAFETY/ INSURANCE

42 | 75 YEARS ORNL FEDERAL CREDIT UNION

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