What is a Credit Union?

At Finger Lake’s FCU, you’re more than just a customer. You’re a member. More than that, you are the co-owner of our unique institution. Credit unions are not-for-profit financial cooperatives that serve the needs of our members, not the needs of stockholders. Every member, no matter how much money they have on deposit, have one vote in electing board members. Members may also run for election to the board.

Banks, however, are owned and controlled by stockholders whose votes depend on the number of shares they own. Banks call their depositors “customers” and customers have no voting rights, cannot be elected to the board, and have no say in how their bank is operated.

While banks pay their board members, all credit unions’ boards are comprised of volunteers who are as diverse as the credit union’s membership.

Credit unions focus on consumer loans and member savings, as well as additional services as needed by their membership. Banks primarily specialize in commercial loans and accounts and will usually only offer services that will generate them significant income.

As a member of Finger Lake’s FCU, you will have access to:
  • Money-Saving Financial Products ~ Share Draft (Checking) Account and VISA Credit Cards
  • Individualized Low-Cost Loan Programs ~ Auto, Boat, Personal, Recreational Vehicle, and More!
  • Various New Home and Home Improvement Loans
  • Appealing High-Yield Accounts ~ IRAs, Term Share Certificate Accounts (Certificate of Deposit), and Money Market Accounts
  • Convenient VISA Check / Debit Card and ATM Network
  • Special Savings Club Accounts ~ Holiday and Summer Club Accounts and Youth Program
  • Convenient Automated Services ~ Access 24/7 through ATM, Phone (Audio Response System), or Online / Mobile
  • Hassle-Free Payroll Deduction / Direct Deposit
  • Money Orders