The credit union difference

Financial institutions aren't all the same. At General Electric Credit Union, the big difference is our focus on improving people’s lives.

Not for profit,
all for you 

  • Supporting you at every stage of life or business
  • Understanding your individual needs
  • Providing tools and resources to help you make informed decisions

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Credit unions differ from banks in many ways that are beneficial to you. They take the financial services of a bank and combine them with the philosophy of “People Helping People.” Just like banks, credit unions accept deposits, make loans, and provide financial services all while supporting their members and the communities in which they serve. 

Credit unions serve a common membership field based on characteristics such as a geographical area, employee groups, or membership in an organization. Becoming a credit union member is simple and easy. 

Credit Unions
    Banks
      Business model

      Not-for-profit
      Credit Unions are a not-for-profit organization and operate to promote the well-being of their members.

      For-profit
      Banks cater to the masses and are for-profit entities. At the end of the day, they’re in business to make money by charging customers additional fees and may offer less competitive rates, as well.

      Leadership

      Owned by members
      Credit unions are owned by the people who use their services: members. When you deposit money or open a loan, you become a member-owner. And your vote counts! Members elect a volunteer Board of Directors to manage a credit union.

      Your ownership interest has attached to it a vote, a vote in the democratically-governed affairs of the Credit Union. Members are encouraged to exercise their voting rights as part of the election of the Board of Directors.

      Run by shareholders
      Paid shareholders run banks, leaving depositors – called “customers” – with no ownership interest. Investors, who may or may not have deposits at the bank, own the institution. The number of shares owned influences voting rights.

      Profit

      Profits help members
      Credit union profits are returned back to members in the form of:

      • Reduced or fewer fees
      • Higher savings rates
      • Lower loan rates

      Profits help stockholders
      Earnings go to outside stockholders in the form of dividends. These profits don’t help customers. Instead, they pad stockholders’ pockets.

      Size

      Credit unions may serve a particular region. For this reason, they are community-focused and offer local, personalized service. But, they still offer the same range of product offerings.

      On average, banks are double the size of a credit union. As a result, personable service may be sacrificed or limited.

      Security

      The National Credit Union Administration (NCUA) is to credit unions as the FDIC is to banks. Credit union member deposits are insured by NCUA up to $250,000.

      Deposits insured by FDIC up to $250,000.

      Account Features
      Credit Unions
        Business model

        Not-for-profit
        Credit Unions are a not-for-profit organization and operate to promote the well-being of their members.

        Leadership

        Owned by members
        Credit unions are owned by the people who use their services: members. When you deposit money or open a loan, you become a member-owner. And your vote counts! Members elect a volunteer Board of Directors to manage a credit union.

        Your ownership interest has attached to it a vote, a vote in the democratically-governed affairs of the Credit Union. Members are encouraged to exercise their voting rights as part of the election of the Board of Directors.

        Profit

        Profits help members
        Credit union profits are returned back to members in the form of:

        • Reduced or fewer fees
        • Higher savings rates
        • Lower loan rates
        Size

        Credit unions may serve a particular region. For this reason, they are community-focused and offer local, personalized service. But, they still offer the same range of product offerings.

        Security

        The National Credit Union Administration (NCUA) is to credit unions as the FDIC is to banks. Credit union member deposits are insured by NCUA up to $250,000.

        Account Features
        Banks
          Business model

          For-profit
          Banks cater to the masses and are for-profit entities. At the end of the day, they’re in business to make money by charging customers additional fees and may offer less competitive rates, as well.

          Leadership

          Run by shareholders
          Paid shareholders run banks, leaving depositors – called “customers” – with no ownership interest. Investors, who may or may not have deposits at the bank, own the institution. The number of shares owned influences voting rights.

          Profit

          Profits help stockholders
          Earnings go to outside stockholders in the form of dividends. These profits don’t help customers. Instead, they pad stockholders’ pockets.

          Size

          On average, banks are double the size of a credit union. As a result, personable service may be sacrificed or limited.

          Security

          Deposits insured by FDIC up to $250,000.

          The value of membership at General Electric Credit Union

          • Community. General Electric Credit Union serves counties in Southwest Ohio, Southeast Indiana, and Northern Kentucky. While our mission is to Improve the Quality of Financial Lives, we also want to give back to the places we call home. That’s why, through programs like GECU Cares, we commit funds and volunteer our time to local charities and nonprofits. Together, we can uplift our communities and the people who live there. 
          • Lowers fees, better rates. Your best interests are a credit union’s bottom line. That’s why as a not-for-profit, GECU’s earnings funnel back to you in the form of lower loan rates, better savings rates, fewer or reduced fees, and other perks. 
          • Financial education. Credit unions want to prepare you for financial success. They value educating members on the financial options available to them so they can make the best decision for their situation.
          • A human touch. To credit unions, you’re more than just a number. You’ll experience this in the personalized service you receive from our team members. They’re fellow Indianians, Kentuckians, and Cincinnatians – just like you – and they understand life happens. That’s why they’re willing to work with you through many circumstances.

           

          Become a member of GECU

          Members of a credit union share a common bond, also known as the credit union's "field of membership." At GECU, we make it easy to become a member. To join, you must live, work, worship, or attend school in Southwest Ohio, Southeast Indiana, and Northern Kentucky. It's that simple! 

          Find out more about GECU membership or join today

          General Electric Credit Union is a full-service financial institution headquartered in Cincinnati with branches in Ohio and Kentucky.

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