Redefine your Relationship with Banking
When you walk into our lobby or call a loan officer, you're entering a whole new world of banking. What makes Towpath Credit Union different from a traditional bank may not be obvious initially - Towpath CU offers similar products and services as any bank would. What makes us stand out is The Credit Union Difference.
Credit unions are not-for-profit financial cooperatives, meaning their primary goal is to serve our communities, not make a profit. Other benefits of a credit union include:
- YOU own your credit union. A financial cooperative means that the organization is owned by its Members and governed by a volunteer Board of Directors comprised entirely of Towpath Credit Union Members.
- Credit unions are the only democratically controlled financial institutions in the United States. The Board of Directors is elected by Member vote. Every Member gets one vote, regardless of the funds in their account. The credit union President / CEO reports to the Board of Directors, ensuring every decision is made with the Members in mind.
- Not-for-profit means better rates. Because of their not-for-profit status, credit unions generally pay higher dividends on savings and offer lower rates on loans. This is because the profits that credit unions make are reinvested into the business to benefit the Members.
- Education is a Priority. Credit unions care about the financial security of their Members, and this includes being well-educated about money matters. Blogs, newsletters, and financial education platforms are some of the ways credit unions look to improve the financial education of our communities.
- Learn more about the benefits of a credit union here.
Check out this video created by a Towpath CU Member and a winner of the 2019 Towpath CU Scholarship contest:
The Benefits of Banking with Towpath CU