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.
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.
FAQ
What should I look for when choosing a credit union or bank?
When choosing a credit union or bank, look for an institution that fits your everyday needs and long-term goals. Consider things like account options, fees, rates, digital banking tools, local service, and deposit insurance. At Oxford FCU, members benefit from budget-friendly rates, convenient accounts, local decision-making, and 5-star service from a credit union that’s focused on helping members and Maine communities thrive.