People Helping People!
Here's why you get a better deal at our Credit Union.
A better deal financially...
A better deal in personal service...
We are not-for-profit...
We care, we will get to know you as a person, and we will never offer you something you don't need.
What's the Difference?
Our Credit Union
St. Cloud Financial Credit Union is not a bank. We offer banking services, but we are a not-for-profit financial cooperative.
Our Credit Union
We are not owned by investors - we are owned by our members. We are a "financial cooperative" consisting of individuals with a common affiliation. In our case, that affiliation is geographic and it is local.
Everyone who lives works, or worships in Stearns, Benton, Sherburne, Wright, Meeker, Kandiyohi, and Morrison counties can be our member. That also includes the extended families of members, no matter where the family members may live.
Our Credit Union
Our profits stay in the Credit Union to help offer competitive rates, products, and services. We invest our profits back into our membership and into our communities. We strive to make a lasting, meaningful difference.
Profits benefit people.
Our Credit Union
As in the banking industry, we are governed by a board of directors. Members of our board and various oversight committees are local volunteers who are also members of the Credit Union. They receive no compensation for their service and commitment.
At the Credit Union, since we don't have stockholders, there is no confusion - we are here for people.
Banks
Banks are for-profit businesses. Making a profit is necessary for Credit Unions, too. The difference comes in the way those profits are used.
Banks
Banks are owned by private or public investors. To them, a bank is a way to make a return on their investment.
Also, banks have no restrictions on where their customers live or work. The large money center and interstate banks (Citigroup, Bank of America, JP Morgan-Chase, TCF, US Bank, Wells Fargo, and others) can operate anywhere in the USA or possibly anywhere in the world.
Banks
These interstate banks generally have no "home town" loyalties. Their profits, for the most part, do not stay in the communities where they do business.
Profits go to the bank investors.
Banks
Banks are for-profit institutions run by officers and directors who are legally bound to make decisions in the best interest of the stockholders. Banks have to keep their stockholders happy.
Banks are run by officers and directors chosen by owners, stockholders, and bank holding companies, many of whom are located out-of-state, especially in the case of money center and interstate banks.
Directors of banks customarily receive director fees, per diems, stock options, and other perks.