Cornerstone Blog

Set Your Financial Journey

You're not a customer of our Credit Union. Here's why.

  • May 28,2024
  • 3 minute read

Our focus is always on you and your financial success.

When you open an account at a credit union like Abound, we don't call you a customer.

You're not a customer.

And for good reason.

One of the main differences between a for-profit bank and a not-for-profit credit union is ownership. As a Member, you literally have an ownership stake in the credit union. It's kind of a big deal!

Why does this matter?

While we've all heard the old sayings like "the customer is always right", being a customer doesn't usually come with having a say in how a businses operates. At Abound, whether you have $5 in your account or $50,000, each Member gets an equal vote in our Board of Directors elections.

Our volunteer Board of Directors is made up of Members like you who believe in the power of cooperation. They make decisions with our Members in mind and always put your best interests first.

How is it different than a bank?

This is very different from a bank. Although their Board of Directors must also be elected, larger shareholders have a larger say in the outcome and may handpick board members who are more likely to safeguard their interests. It also means that because Abound doesn't have any outside stockholders driven to earn a healthy return on their investment, we can offer better loan rates, higher savings rates and fewer fees to benefit our Members' bottom lines.

It's really simple. Our only reason for existing is to make more financial products available to more people. Credit unions globally share a "people helping people" philosophy. This means we believe in doing right by our Members and giving back to our communities.

It's easy to see that at Abound! Our structure, and your ownership as a Member, have allowed us to become a local leader in Financial Education. Our team donates countless hours to teaching students and adults and is making a big impact on financial wellness in Kentucky. Learn more about our community commitment here.

Thanks for being a Member! Be sure to let your friends and family know why being a Member is better than being a customer. We're always looking to welcome more Members and help them get ahead.



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