What makes Verity different from a bank? It’s the fact that Verity, like all credit unions, is owned by a group of members who have a common bond, either geographic or employment based, while a bank is owned by investors or shareholders. Verity is a not-for-profit, meaning all of the profits are reinvested back into the organization to benefit the membership. Banks’ profits, on the other hand, are awarded to their shareholders.
| Verity Credit Union | Bank |
|---|---|
| Not-for-profit organization who offers a full range of financial products and services | For-profit corporations who offer a full range of financial products and services |
| Earnings are returned to members through services like free ATMs, better rates, and lower fees | Earnings go to outside bond and stockholders in the form of dividends |
| Insured by NCUA up to $250,000 | Insured by FDIC up to $250,000 |
| Democratically governed with elections based on one member, one vote model | Governed by paid shareholders. Voting rights depends on number of shares owned |
| More than 30,000 surcharge-free ATMs | Many require customers to use their branded ATMs or pay fees |
| Local, community-based financial institution with members supporting local communities through their banking | Frequently based and controlled out of the area |
| Member-owners, not shareholders | Shareholders make money from their customers |
Member Stories
Ask any credit union employee what makes their credit union different and they will likely all answer the same—it’s the people. It’s the stories of lives changed that make the difference. The employees of Verity create those stories every day. When they go out of their way to help a member in need, when they demonstrate caring and compassion, when they go over the top to show respect and to trust, and when they commit to the values that make Verity a socially responsible financial institution, then they make a difference.
Experience the difference
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