Maumee Valley Credit Union

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About

Maumee Valley Credit Union, Toledo

There are approximately 12,000 member-owned cooperative financial institutions, known as credit unions, in the U.S. Their roots go back to 1849 when the first credit union was established in Western Europe. A credit union is usually formed around a common bond, generally employment. Its main purpose is to give member owners a place to save and borrow. Members pool their money into a variety of savings and investment accounts. This money is lent to members who pay interest. After operating expenses and reserve requirements are met, the remaining loan income is returned to the members as dividends and other financial services. A credit union is not a bank. It is a non-for-profit cooperative, owned and controlled by its members. This means that, unlike banks, the credit union's primary objective is not to generate profits for stockholders, but to satisfy the financial needs of its members.

Category

Banks & Financial Institutions