Credit Union Philosophy
Maps Credit Union believes in the principles of the worldwide credit union movement. We are a financial cooperative, not a bank; so, we do things differently. At Maps, you are a member, not a customer and that makes all the difference. Our mission—Every Member Benefits—is something we take very seriously because as a member, you empower us to put people before profit and help our community thrive.
Our Guiding Principles
- To be a champion for lifelong learning.
- To support our members and the community we share.
- To be a partner for positive change.
- To provide a safe and secure environment for your hard-earned money.
- To be innovative and forward-thinking about how we can help our members achieve their goals.
- To build and serve a more diverse, equitable, and inclusive community.
Credit Unions vs. Banks
Credit Unions
- Not-for-profit institution, owned by members
- Member-driven decisions
- Higher savings rates and lower loan rates
- Must qualify for membership
- Dividends returned to members
- Deposits insured up to $250,000 by NCUA
Banks
- For Profit institution, private or public
- Shareholder-driven decisions
- Lower savings rates and higher loan rates
- Anyone can join
- Dividends distributed to stockholders
- Deposits insured up to $250,000 by FDIC