November 4, 2024One-Minute Reads: Are Credit Unions Nonprofit? 

Credit unions are not-for-profit organizations! Unlike banks, which aim to maximize profits for shareholders, credit unions exist to serve their members. Any earnings a credit union makes are returned to members in the form of better rates, lower fees, and enhanced services. 

As member-owned institutions, credit unions are guided by their members’ best interests. Members have a say in how the credit union is run, typically by voting for a volunteer board of directors. This focus on people over profits is what sets credit unions apart. 

Learn more about PEFCU here: https://www.pefcu.com/about/about-us/