Co-operative Principles & The Credit Union ExperiencePosted on by Fox Communities
How do the 7 co-operative principles shape your credit union experience?
Credit unions put their values into practice by following the 7 co-operative principles. This sets credit unions apart from all other financial institutions, strengthens the community and benefits you too!
#1: Voluntary and Open Membership
No matter what your financial situation looks like, the door is open, without gender, social, racial, political or religious discrimination. See Fox’s membership eligibility webpage for details.
#2: Democratic Member Control
You help call the shots by electing a board of directors. One primary member equals one vote. This is local democracy in action.
Learn more about Fox’s board of directors here.
#3: Member Economic Participation
Better rates, lower fees and services that benefit the entire credit union. The more that members participate, the more there is to go around.
See Fox’s low rates.
#4: Autonomy and Independence
As a financial co-operative, your credit union is controlled by real members like you, instead of outside shareholders.
#5: Education, Training and Information
Access to financial literacy tools and resources. Credit unions believe that education contributes to personal growth.
Here at Fox, we offer a lot of education resources. Check them out under our Education tab on our webpage.
#6: Co-operation Among Co-operatives
Your credit union strengthens the co-operative movement by partnering with organizations that share the same important values.
#7: Concern for Community
Knowing that your day-to-day banking translates into benefits for charities, local businesses and the entire community.
The International Co-operative Alliance is the caretaker of the internationally accepted co-operative principles. Visit ica.coop to read the full principles.
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