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Mission Statement
Independent Federal is committed to
being the primary financial institution
and to making a difference in the lives of its members
by providing a full
range of products at competitive prices while maintaining
a sound financial
institution.
How are Credit Unions Different than
Banks?
There has been a lot
of discussion in the press recently about credit unions,
as a result of the recent lawsuits that banks filed,
and lost, against the credit union movement. Many
people, however, do not understand what a credit union
really is, and how it differs from a bank. A credit
union is different than a bank in that it is:
| Credit Unions |
Banks |
- Not for profit
- Owned by its members
- Volunteer Board of Directors
- Supervised by Volunteer Supervisory Committee
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- For Profit
- Owned by stockholders
- Compensated Board of Directors
- Compensated Audit Committees
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A Credit Union
is "by the members, and for the members".
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