A Bank Alternative

Meet Your Fellow Owners

At PCU we exist to meet the needs of our members, not to make profit from them. Credit unions or co-operative banks, offer an alternative to traditional banks. The largest point of difference is that co-operative banking exists to meet the needs of their members, not to make a profit from them. Traditional banks exist to make profit for their shareholders. Their success is measured by the amount of profit they can generate from their customers. A co-operative bank is owned by its members and has no mandate to make profit. In fact, any profit that is realized is shared equally among the member/owners of the co-operative bank. 

Co-operative banks also differ from traditional banks in that they do not assess a member’s creditworthiness solely on the basis of formulas that establish a credit score.  Co-operative banks have the flexibility and the motivation to look at the member’s complete personal and financial circumstances when deciding whether to provide a loan or other funding. In effect, co-operative banks can lend on the basis of the character of the member and may incur a higher level of risk if they feel the member is worthy of that risk. Because co-operative banks exist to serve their members needs they are motivated to do whatever they can to assist a member.

Contact PCU to find out more about co-operative banking.