The credit union difference
We're people helping people.
While banks and credit unions offer many of the same products and services, there's a big difference in the way the two are structured. Credit unions are financial cooperatives. That means we're owned by the people who use our products and services – our members. We're governed by a Board of Directors who is democratically elected by our members to lead the credit union in their best interest. This allows credit unions to return earnings to members in the form of better rates and lower fees. That's the meaning behind the credit unions philosophy of "people helping people."
| Credit Unions | Banks |
|---|---|
| Not-for-profit cooperative structure | For-profit corporate structure |
| Owned by the people who use its products and services (members) | Owned by a small group of shareholders |
| Earnings returned to members through better rates and lower fees | Profits paid to shareholders |
| Members democratically elect a Board of Directors | Lead by shareholders who collect the bank's profits |
If you're not a member, apply to become a Veridian member today.
If you're a current member and an Iowa resident, sign up to become an advocate.
Veridian is state-chartered in the state of Iowa, and bank lobbyists routinely reach out to lawmakers to promote legislation that would weaken or eliminate their competition from credit unions. For Iowa residents, that means your representative needs to hear from constituents like you, Iowa’s credit union member-owners. Don't let a bank lobbyist speak on your behalf to your representative. Sign up to be a credit union advocate with the Iowa Credit Union League below. As an advocate, you’ll be notified when there’s an increased need for your legislator to hear from you.