What’s a Credit Union, Anyway?
We’re here to help you understand what kind of financial institution is right for you and your goals.
At first glance, credit unions and banks might seem exactly the same. They both offer places to save money, open checking accounts, apply for loans, and other financial services. But there’s one big difference: a credit union is owned by its members—you know, the people who use it—instead of by shareholders. That means credit unions are focused on helping people and their communities, making them a little different from big, traditional banks. Let’s take a closer look at what makes credit unions unique:
- Member-owned: The people who have accounts at a credit union are also its owners.
- Not-for-profit: Credit unions focus on helping members instead of making money for shareholders.
- People come first: Decisions are made with members’ best interests in mind.
- Community-focused: Credit unions often support local schools, charities, and community events.
- Great customer service: Members are treated like neighbors, not just account numbers.
- Lower fees: Many credit unions offer fewer or lower fees than traditional banks.
- Better rates: Members may enjoy higher savings rates and lower loan rates.
And what’s so special about PeoplesChoice? Well, it was founded in 1963 and is a leading Maine credit union proudly serving over 20,000 members and holds $355 million in assets. Membership eligibility includes anyone who lives, works, or attends school in York, Cumberland, Androscoggin, Aroostook, Franklin, Oxford, Penobscot, Piscataquis, or Somerset Counties, and immediate family of PeoplesChoice members.
Last but most importantly, we’re focused on YOU, our members and our community. Because to us … people come first. Always.
