Why Do Credit Unions have Annual Meetings?
When you opened your deposit relationship with your credit union, you became an owner because your deposit represents a share of ownership (much like a share of a corporation or stock purchase). At the annual meeting, the members elect a volunteer Board of Directors whose responsibility is to oversee the credit union and serve the membership with decisions that are based upon what will best benefit the credit union's near- and long-term direction while ensuring it is in the best interest of the membership at large.
If you are interested in serving as a volunteer, we encourage you to review the qualifications and contact us with any questions you may have.
Getting More Involved in your Cooperative
Knowing that you are an owner, whether you have an interest in running for the Board of Directors or not, you may want to see about becoming more involved. Unlike business that's conducted at a bank, many newer (and often long-time) members are surprised to learn that, when they are part of a credit union, their voice is heard and their opinions really do count.
A credit union's annual meeting provides a wonderful forum for members to obtain specific financial information about their credit union's performance from the prior year and learn more about the strategy and efforts that will be followed for the current year.
All members are invited and encouraged to attend the annual meeting, since the information that's shared impacts the dividends that are paid, the rates that are received, the products that solve life needs, the fees that are sometimes applicable and the reasons that those fees exist, not to mention the investments in technology, branches, ATMs and more.
With all that said, remember that the credit union exists to serve the ever-growing needs of the people who do business with the credit union. They are members and owners who experience more benefit from stronger and deeper relationships. The people who work for the credit union, while they are members first, are genuinely interested in serving other members to help improve the lives of other fellow owners. As the old credit union mantra goes, they are "people helping people."
Annual Meeting Presentation Slides