Why Credit Unions?

Curious about the differences between credit unions and banks? Perhaps the biggest difference between the two lies in their respective objectives: While banks exist to maximize profit for their stockholders, the guiding principle of credit unions is, and always will be, service to their members. Read on to learn what else credit unions have to offer over their for-profit counterparts.

Not-for-profit cooperativesFor-profit
Tend to pay higher interest rates, have lower loan and credit card rates, and have lower feesTend to pay lower interest rates, have higher loan and credit card rates, and have higher/more fees
Funds are insured by the NCUA up to $250,000Funds are insured by the FDIC up to $250,000
Owned by membersOwned by stockholders
Boards of Directors are democratically-elected by members; each member is entitled to one vote regardless of the amount of money they have on depositBoards of Directors are elected by stockholders only; those owning the largest number of stocks are entitled to the largest number of votes
Often have lower minimum balance requirementsOften have higher minimum balance requirements
Have defined fields of membership based on geographic location, employer, profession, educational institution, or place of worshipOpen to anyone who can meet balance requirements
Dividends issued to membersDividends issued only to stockholders

How can OTIS work for you?

If you live, work, worship, or attend school in Androscoggin, Cumberland, Franklin, Kennebec, Lincoln, Oxford, Sagadahoc, Somerset, or York County, you’re eligible to be part of OTIS FCU – and we’d love to have you join our community.