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Collins Community Credit Union

The Triple CU Scoop - What is a credit union, anyway?

Published on Jun 24, 2013

Do you ever drive past Collins Community Credit Union and think to yourself, “What is a credit union, anyway?”  

Well, let me tell you!  Credit Union:  cred-it un-ion, Noun, A nonprofit financial cooperative offering deposit accounts, low-interest loans, etc.  In other words, a credit union is different from a bank.  You see, a bank is made up of share holders who invest funds into the business and in return make a profit by setting high fees and interest rates.  A Credit Union is made up of a board of directors who volunteer their time and discuss what is best for YOU, the member.  And, since you’re an owner, you get the added benefit of low interest rates and high dividends.  Although we are fundamentally different from a bank we offer many, if not all, of the same services!
 
CCCU was founded in 1940 by ten Collins Radio Employees who were looking for an alternative to banking.  They believed in the “People Helping People” philosophy which is the Credit Union way of life.  73 years later CCCU is a strong community credit union.  Meaning, if you live or work in Linn, Johnson or the surrounding counties you can become a member too.  Stop in to CCCU today to see what we can do for you! 

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