When you walk into the credit union lobby, or call a loan officer, what makes WCLA Credit Union different from a bank isn't immediately apparent. The two financial institutions may offer similar products and services. But there the similarities stop. Crucial differences exist-- in ownership, in cost of borrowing money, and in use of services.

• You own your credit union. Credit unions are member-owned, non-profit financial cooperatives, dedicated to improving members' lives. Seventy-six million members own 11,395 U.S. credit unions with combined assets of $401.9 billion. Stockholders own banks (with combined assets of more than $5 trillion). Banks make money for stockholders, not for customers.
  
  

• Credit unions are the only democratically controlled financial institutions in the United States. You and other members elect a volunteer board of directors to oversee the credit union. The manager or president/chief executive officer reports to this board. Bank directors, however, are paid and legally bound to make decisions that benefit stockholders, not customers.
  
  

• Credit unions have the best rates. Credit unions price loans, pay interest on funds you've deposited, and charge fees to provide you with high-quality, low-cost services. Banks price products and services to make a profit. You earn more on your savings - in some cases up to one percentage point - at the credit union.
  
  

• Credit union loan rates also are better. The average credit card interest rate is three and one-half percentage points better at credit unions vs. banks. And credit union auto loans average at least one percentage point less than banks' auto loan rates. Credit unions make consumer loans. Banks offer consumer loans, but really emphasize business loans.
  
  

• Credit unions educate members about money matters. Credit unions routinely inform and counsel members about financial matters. They provide information to keep you advised of rates, loan sales, and financial trends that affect you. WCLA Credit Union stresses education, providing materials and holding seminars on financial planning, car and home buying to help you make informed buying decisions. Many banks simply advertise their rates and sell their services.

Because you're an owner of WCLA Credit Union, you have a say in how we do business. Let your elected board members and professional staff know how we're doing, and what services you want at your credit union

Q. What is a credit union?

A. A credit union is a corporation of individuals united by a common bond - in our case the forest products industry. Its basic principles are to promote thrift among its members and to make money available for productive purposes at a reasonable rate of interest. Your Credit Union is operated by and for its fellow members. The WCLA Credit Union is chartered by the State of Washington and operated under regulations established by the Division of Financial Institutions and guaranteed by the National Credit Union Administration (NCUA) , an agency of the Federal government..

Unlike a bank, a credit union is a non-profit cooperative. Credit Union members are "share" holders in the organization. All income earned over and above operating expenses is returned to members in the form of higher dividends on deposits, lower loan rates and lower fees.

Join Your WCLA Credit Union Today!!!

Become a member today and be part-owner of a not-for-profit financial institution.  Contact the WCLA Credit Union for an application for membership at (800) 422-0074 Ext. 4. You are more than just a member, you are part of a growing family.