What is a Credit Union?

A credit union is a cooperative financial institution, owned and controlled by the people who use its services. These people are called “members.” Credit unions serve people who share something in common, such as where they work, live, occupational background, or go to church. For more than 100 years, credit unions have provided financial services to their members in the United States.

Credit unions are not-for-profit and exist to provide a safe, convenient place for members to save money at higher rates of return, and to receive loans at reasonable rates. Most importantly, credit unions provide greater and friendlier service to the membership, as well as dividends.

Seasons Federal Credit Union keeps banking local. The money you deposit stays in the community. The dollar you deposit could become somebody’s college degree or a loan for someone’s first home. Credit unions offer all the products and conveniences you’d expect from a big bank, but unlike big banks, credit unions give their profits directly back to members. As a member, you are an owner of the credit union.

7 Cooperative Principles for Credit Unions

1. Voluntary Membership
   Credit unions are voluntary, cooperative organizations, offering services to people willing to accept the responsibilities and benefits of membership, without gender, social, racial, political or religious discrimination. Many cooperatives, such as credit unions, operate as not-for-profit institutions with volunteer boards of directors. In the case of credit unions, members are drawn from defined fields of membership.
2. Democratic Member Control
   Cooperatives are democratic organizations owned and controlled by their members – one member, one vote – with equal opportunity for participation in setting policies and making decisions.
3. Members’ Economic Participation
   Members are the owners. As such, they contribute to and democratically control the capital of the cooperative.
4. Autonomy and Independence
   Cooperatives are autonomous, self-help organizations controlled by their members. If the cooperative enters into agreements with other organizations or raises capital from external sources, it does so based on terms that ensure democratic control by its members and maintains the cooperative autonomy.
5. Education, Training, and Information
   Cooperatives provide education and training for members, elected representatives, managers and employees so they can contribute effectively to the development of the cooperative. Credit unions place particular importance on educational opportunities for their volunteer directors and financial education for their members and the public, especially the nation’s youth. Credit unions also recognize the importance of ensuring the general public and policy markers are informed about the nature, structure and benefits of cooperatives.
6. Cooperation Among Cooperatives
   Cooperatives serve their members most effectively and strengthen the cooperative movement by working together through local, state, national and international structures.
7. Concern for Community
   While focusing on member needs, cooperatives work for the sustainable development of communities, including people of modest means, through policies developed and accepted by the members.

Credit Union vs. Bank

Why Choose a Credit Union versus a Bank

While both credit unions and banks offer similar products and services, credit unions differ since they consistently rank higher according to customer satisfaction studies, read on to find out why.

How Credit Unions and Banks are Alike

Both provide many of the same products and services, including:

• Home loans, including First Mortgage and Home Equity
• An assortment of Checking Accounts
• A variety of vehicle loan terms – even for boats and RVs
• Multiple Visa Credit Cards
• Mobile Banking App, Mobile Check Deposit and Online
• ATMs
• Branch Locations

Why Choose Seasons Federal Credit Union

We supported local before local was a thing. We’re glad it caught on.

Our community roots are deep. We were born and raised in Connecticut, and we do whatever we can to support the communities that support us. So when you bank with us, you connect your money to causes in the local community. Now that’s something we can all get behind. At Seasons Federal Credit Union, your deposits could be part of a loan that helps other members buy their first car.

What makes Seasons Federal Credit Union great?

• Voluntary & open membership – No matter what your financial situation looks like, our door is open.
• Democratic member control – You help call the shots by electing our board of directors.
• Member economic participation – Members get better rates, lower fees, and services that benefit the entire credit union.
• Autonomy & independence – We’re controlled by real members (like you!), not outside shareholders.
• Education, training & information – We give you access to literacy tools and resources.
• Co-operation among co-operatives – We partner with organizations that share the same important values.
• Concern for community – Your day-to-day banking translates into benefits for charities, local businesses, and the entire community.

Joining is Easy!

Become a member of Seasons Federal Credit Union today!
Join Today!