ABOUT US > how are we different
Credit Unions Banks

Members vs Depositors
  Depositors are called "members". Each member is part owner of the Credit Union.  We are here to serve our members.   Banks can serve anyone in the general public, but their customers have no ownership interest. Banks are owned by investors who may or may not be depositors.

Where does the profit go?
  Credit Unions are in business to serve their members.   A large portion of earnings are used to financially support non-profit organizations in the Credit Union's communities.  Additional profits are returned to members in the form of patronage rebates on service charges and loan interest paid, and premiums on deposit interest earned. Over the past five years, members of Williams Lake and District Credit Union received in excess of $2.1 million in distributions.   Banks are for-profit, meaning their primary purpose is to generate profits for their investors/stockholders. In banks, only the investors (stockholders) get a share of the profits.

Who’s in control?
  Credit Unions are democratically controlled, meaning each member has a say in how the Credit Union is operated. Directors are elected by and from the membership. Each member, no matter of how much money they have on deposit, has one vote.   At banks, only investors/stockholders have voting privileges. Customers don't have voting rights, cannot be elected to the board, and have no say whatsoever in how their bank is operated. Bank directors are paid, though they may not be from the same community the bank is in and may not even use the bank’s services.