Your Bank Hates You!

I’m glad you asked! Most banks are for-profit corporations, owned by private investors or shareholders. And like most corporations, their main goal is to make as much money as possible to maximize their shareholders’ returns.

GP Federal Credit Union, on the other hand, is a democratic, not-for-profit, financial cooperative. Our “profits” are returned to our member-owners in the form of lower loan rates, fewer fees, and higher dividends.

Ah, this is where we really set ourselves apart from banks! When you open a membership with GP Federal Credit Union, you’re not just a member of a financial cooperative – you’re a part owner! And unlike shareholders in a corporation, where the more stock you own, the more you control the business, at GP Federal Credit Union, every member-owner gets one vote, regardless of how much money they have deposited. It’s equal ownership for all.

Another big difference between GP Federal Credit Union and most banks is that our board is NOT made up of paid directors. Instead, it’s made up of unpaid volunteers – people who are actually members of the credit union, just like you! Each year, you get to vote on who makes up our board of directors. By doing so, you have a say in the products, services, and overall management of the credit union. The people you vote into GP Federal’s board of directors help determine the direction of the Credit Union. In fact, as a member, you can volunteer to serve on the board yourself!