Consumers Credit Union is a not-for-profit corporation—an important distinction between Consumers and typical banks, as well as Consumers and nonprofits, such as charities and similar organizations.

Unlike a for-profit bank, Consumers is a credit union, and credit unions are not-for-profit, meaning Consumers does not distribute its profits to stockholders, rather, it is member owned. Consumers functions as any other business, however, the money we receive in deposits primarily goes right back into the communities we serve as mortgages and vehicle, business and other loans. Any profit we do make is invested back in the organization, benefitting our local members with higher interest rates on savings, lower rates on loans and often lower, fewer fees compared to for-profit banks.

That said, Consumers is also different than a nonprofit. Nonprofits are organizations driven by a charitable mission, relying on donations and grants exclusively to support their efforts—think charities, universities, religious organizations. Like credit unions, nonprofits don’t seek profits. But that’s where the similarities end. Consumers Credit Union is a robust financial institution that offers all of the personal and business banking products, services and conveniences of a bank while focusing on our members’ financial wellness rather than profits.

For-profit? Nonprofit? As a not-for-profit, Consumers Credit Union offers the best of both worlds, and that’s the best for your money.