HOW DOES A CREDIT UNION OPERATE?

• A group of people with a common bond (employment, community, etc.) pool their savings and elect individuals from their ranks to manage and protect these funds;
• This money is then made available to fellow members as relatively inexpensive loans;
• The interest earned from these loans pays the costs of operation. A part of profits is put into reserves and undivided earnings for possible loan losses and to maintain stability in the event of any future uncertian economy;
• Surplus earnings are then returned to the member/owners as dividends (interest) on savings, low interest rates for loans and an array of sophisticated financial services;
• The dollars you invest with CCFCU become "shares of ownership" and make you a co-owner. Accordingly, your credit union savings account is also called a "share account.";
• The interest you earn on your savings is called a "dividend." Your Board of Directors declares this dividend at the close of each quarter, based on net earnings. We pay you dividends on every single dollar you invest here - for every day you leave it on deposit!

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