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The Credit Union Difference

Like a bank – but better!

We're often asked, "How is a credit union like a bank?" Our answer: "Well…both offer loans, accounts and other financial services." The question we prefer to answer is: "How are credit unions different from a bank?"

  • Credit unions are owned by their members. There are no stockholders to satisfy and no outside investors making decisions about, or profiting from, your money.
  • Every dollar of profit is reinvested back into the credit union to benefit its members - helping to lower interest rates on loans and increase interest rates on savings.
  • As a member, you're helping your family, friends and neighbors buy their first car, obtain their first mortgage, start a new business, or save for important goals such as college or retirement.
  • A credit union’s primary functions are to serve its members and to uphold the credit union motto, 'people helping people'.

The Credit Union Difference.

 Credit Unions Banks
Members are owners. Owned by shareholders.
Members serve on the board of directors. Shareholders serve on the board of directors.
Board members are volunteers. Board members are paid to serve.
Not-for-profit organizations. For-profit organizations.
Earnings are returned to members in the form of higher savings rates, minimal fees and lower loan rates.
Profits are paid to shareholders.

Typically have more fees and higher loan rates.
Service driven. Profit driven.
Decisions are made locally by people who live and work in the communities served. Headquarters and decision makers could be located anywhere.
Deposits insured by NCUA up to $250,000. Deposits insured by FDIC up to $250,000.

Oxford Federal Credit Union is a full-service financial institution serving members in Androscoggin, Cumberland, Franklin, Kennebec, Knox, Lincoln, Oxford, Sagadahoc, Somerset and York counties in Maine.

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