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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