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Unlike most other financial institutions, credit unions do not issue stock or pay dividends to outside stockholders. Instead, earnings are returned to members (all who have accounts at the credit union) in the form of lower loan rates, higher interest on deposits, lower fees, and enhanced technology and convenience.
Credit unions are economic democracies. Each credit union member has equal ownership and one vote—regardless of how much money a member has on deposit. At a credit union, every customer is both a member and an owner.
What is a Cooperative?
Cooperatives are defined as a group of people acting together to meet the common needs and aspirations of its members, sharing ownership and making decisions democratically. Co-ops are not about making big profits for shareholders, but creating value for members.
How are Non-Profits Different from Not-for-Profits?
Non-profits operate on donations - not-for-profits operate on proceeds generated from their business operations.
Who Can Join Westerra?
Westerra membership is open to all who live or work in the 7-county Denver metro area, including Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas and Jefferson counties. Westerra believes that everyone should have the opportunity choose a not-for-profit credit union as an alternative to the for-profit banking system. Westerra strives to help more people discover the financial education and opportunities that Westerra offers them and their families.