What Is a Credit Union & How Is It Different? | Cleveland Bradley County Teachers Federal Credit Union
Most Americans have heard of credit unions and have at least some understanding they’re different from banks, but our experience suggests that’s as far as it goes for a majority. That’s why we’re always happy to share a little bit about what credit unions do and how the service we provide is different.
We can start with perhaps the most significant distinction: Credit unions are non-profits. When we bring in more money than we disburse, we return that money to our members in the form of reduced fees, higher savings interest returns and lower interest rates on loans.
Another important difference just showed up: Everyone who has an account with us is a member of the the credit union. Not only a member, but also a part owner. Your investment in Cleveland Bradley County Teachers Federal Credit Union entitles you to a stake in the operation.
So, when we have member meetings on how we should run the credit union, you have a say. You can even seek election to the board of directors that helps manage the organization.
Unlike banks, participation in a credit union is limited to a “field of membership,” a specific group of people who have some defining characteristic in common. That could be where they live or work, their membership in a group or club, or even their family trees.
Who Qualifies for Membership
In our case, as our name implies, membership is limited to educators in any of several schools and school systems in southeastern Tennessee and their families. The districts and institutions we serve include:
- Bradley County Public Schools
- Cleveland City School District
- Cleveland State Community College
- Family Resource Agency of Cleveland
- Lee University
- Polk County Public Schools
- Tennessee Christian Preparatory School.
Curious who qualifies for membership with us? The list is broad and includes:
- Current employees of any of the above academies and LEAs
- Family members of those employees
- Teachers who retired from those schools
- Family members of teachers who retired from those schools.
If you’re interested in learning more about what makes Cleveland Bradley County Teachers Federal Credit Union different and how those distinctions could make us a better choice for your financial needs, give us a call today!