Profit - Sharing

An Alternative to Banking: Profit-Sharing for a Higher Purpose

By definition a credit union is a not-for-profit organization. This means they do not intentionally try to make profit from their members. A credit union is however a business that must charge fees to remain viable. Sometimes these fees generate funds beyond what is required to operate the credit union. When there are excess operating funds they are shared with all the members of the credit union. The credit union does not always generate profit.  Any number of circumstances from defaults on loans to needed capital expenditures can leave the credit union with no profit in some years. The very mandate of the credit union is to operate as efficiently as possible so that fees to members can be kept as low as possible. For this reason profits tend to be modest in favour or offering members the best fees, rates and services possible. Profit-sharing and co-operative banking is just one more reason why credit unions are often the best banking institutions to bank with.

 

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