Missouri Credit Unions
Credit unions are not-for-profit financial cooperatives, owned by the people who use their services. In Missouri, there are more than 160 credit unions serving more than 1.2 million members. Click here for facts and statistics on Missouri credit unions.
Each credit union has a different field of membership, which determines who can become a member-owner. While many credit unions serve employees of a specific company or people in a particular profession, there are also community-based credit unions. If you live or work within a particular geographic area (such as a county), you may be eligible to join a community-based credit union serving that area. Visit Find A Credit Union to find a credit union near you that you can join.
Because credit unions are owned by their members, they are focused on helping people reach their financial dreams. This makes credit unions difference from other financial institutions, which is evident in four key ways:
Governance
Credit unions are locally owned. Each is guided by a volunteer board of directors. The decisions about the organization, direction, programs and policies that govern credit unions are based on the benefits they provide to members.
Purpose
The most important responsibility of credit unions is promoting the financial success of members. Other financial institutions focus their attention on making big profits for just a few shareholders. Credit unions are not-for-profit. Money made by the credit union is returned back to the members.
Member Benefits
Money made by the credit union benefits members in a variety of ways. From higher interest rates on savings and lower interest rates on loans, to financial counseling and services, credit unions focus on helping members – not simply making a profit.
Values
Credit unions bring financial benefits to the areas they serve. Because they are locally owned and managed, credit unions are focused on making a contribution to their local communities. Without credit unions, other financial institutions’ profit demands would leave families unable to afford a home and small businesses without the loans they need to grow and benefit Missouri’s economy. Credit unions provide an important consumer choice for all Missourians.
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