That’s because GNCU differs from banks in a number of important ways, including:
- Since our members are the sole owners of GNCU, our earnings are used to benefit them through higher savings rates, lower loan rates and lower fees.
- We're a democratically operated cooperative where each member has equal ownership and one vote, regardless of how much money they have on deposit.
- We're governed by a Board of Directors, elected by and from GNCU’s membership.
- We pay a variety of different taxes, including property taxes, payroll taxes, fuel taxes and others, but as a not-for-profit organization, we are exempt under the law from federal income taxes.
- Our Passion for Helping More People Live Greater inspires us to make decisions that are not just financially motivated. Instead, we take actions that have a positive impact, like providing needed services to rural communities, assisting smaller businesses with their capital needs, and getting involved in a variety of worthwhile community oriented causes.
- Our cooperative nature motivates us to work collaboratively with other credit unions across our state, our nation and the world on a variety of social endeavors. Those include a focus on increasing access to reasonably priced financial services to larger segments of the population and delivering no cost financial education that helps people improve their ability to manage their finances.