Why Do Credit Unions Need Volunteers?
Credit unions are not-for-profit cooperative financial institutions. They rely on their volunteers to make decisions for the credit union that best represent its ownership. The people that belong to the credit union are owners. They own the credit union. Therefore, the volunteers are voted into office by the ownership whom they will represent. Banks have a group of shareholders that are driven by profit. That profit is shared amongst only the shareholders. Credit Unions have volunteers who are not compensated. All profits made are returned to ALL owners of the credit union in the form of competitive loan rates, share rates and FREE or low cost financial services. Credit unions cannot exist without their volunteers.
Why Would I Want to Be a Volunteer For My Credit Union?
Credit Union volunteers represent the ownership and give direction to what they want from their credit union. Volunteers set the goals and policies that plant the seed of the business model the credit union grows upon. Being a volunteer gives you a voice and a more active role in sculpting a credit union that will best serve the greater community. Haven’t you ever wondered what goes on behind the scenes; what drives the credit union’s progress? Wouldn't it be great to have a voice in how your financial institution operates and grows?
What Qualifications Do I Need to Be a Volunteer?
The best way to represent the entire ownership is to have a diverse group elected to the Board and Supervisory Committee. We have volunteers with in-depth expertise in financial analysis while others have been self-employed and understand how to market a business and manage staff. We have some that work at our SEGs who are huge advocates for the credit union movement and understand how credit unions came into existence. The number one qualification is someone who is an ambassador for BOFCU and wants to influence the direction of the credit union for the good of the ownership as a whole.
How Much Time Do I Need to Volunteer At My Credit Union?
That depends on what capacity of time you have to volunteer. There are many jobs or tasks to complete by both our Board and our Supervisory Committee. Management would be happy to discuss it with you further.