Is There a Difference

by Sherry Ryan
Reddy Kilowatt Credit Union
St. John's, Newfoundland and Labrador

Congratulations to Ms. Sherry Ryan who has been selected to attend the WOCCU Annual General Meeting in Brisbane, Australia, June 22-26,2003. As part of the criteria for this award, Ms. Ryan submitted an essay on the Credit Union Values ("Is There a Difference?").

As a credit union employee, when asked, "Why choose a credit union? Is there a difference?" we can answer by explaining what we offer, our better rates, our lower fees, etc., or we can seize the opportunity to educate and explain "the difference". Regardless of size, bond of association, rural or urban, the same set of values are the foundation for all credit unions — worldwide.

Credit union members are empowered in ways that are unique to that of any other consumer in the financial services industry. Each member is an owner, and therefore has a voice in the operation of their credit union. True democracy is demonstrated with each member holding an equal vote regardless of the amount of business they conduct. Members also have an opportunity to be involved by volunteering as Directors or committee members. Credit union Directors are elected by the membership, from the membership body. Members form a critical component of the credit union's operations, and are vital to its success.

Credit unions focus their energies on the financial stability and well being of ALL members, regardless of social class, age, religion, sexual orientation or ethnic background. They place service before profit, often opening branches in areas underserved by other financial institutions. Though credit unions have kept abreast technologically, they offer superior face-to-face service in addition to the self-service options "pushed" by other financial institutions. In developing countries, credit unions have provided a monetary system where none existed. Credit union members share in the successes of their credit unions — receiving dividends and patronage rebates. Credit unions return profits to the people they earned them from.

Credit unions, regardless of size, support their communities. They take active roles in economic development, providing lending, other core services and advice to business owners, are active participants on development committees and serve on local Chambers of Commerce.

Credit unions have been instrumental in the success of many social programs; not only in providing financial support, but also as champions of such programs in the communities we serve. We have worked together to raise funds for children's hospitals, school breakfast and lunch programs, various charities, and in many disaster relief efforts — most recently during 9-11. Credit unions recognize and support the value of our youth, sponsoring sporting events, scholarships and educational programs. Credit unions encourage and facilitate employees to give of their time and talents in community causes. Regardless of asset size, all credit unions have a similar mandate for social service and give proportionately.

Our values are embedded in our vision and mission statements, but they are more than that — they bind us together. Credit unions have created a universal culture of democracy, solidarity, respect, caring, and integrity. Whether we are looking at the first cooperative banks or at credit unions today, the same values exist. From kitchen credit unions to multi-billion dollar institutions, we all hold true to the motto: Not for charity, not for profit, but for service. I am proud to be part of the credit union movement, and yes, there is a difference!