Credit unions are more than financial institutions because we are not-for-profit, member-owned cooperatives focused on member well-being rather than profit maximization. Here at Heritage Valley Federal Credit Union, we return profits to our members through lower fees, better loan rates, and higher savings yields, while fostering community engagement, personalized service, and shared decision-making.
Here is how credit unions go beyond being just a place for banking:
- Member Ownership and Governance
- You Are an Owner: When you join a credit union like Heritage Valley, you become a member-owner, not just a customer.
- Democratic Control: Members vote to elect a volunteer board of directors, ensuring the institution is run by and for the people using it.
- Shared Purpose: Because we are cooperatives, our goal is to serve the financial needs of our members and communities, not outside shareholders.
- Not-for-Profit Model
- Reinvested Profits: Any “profits” (excess earnings) are returned to our members in the form of better rates, lower fees, and improved services.
- Lower Costs: We typically offer lower interest rates on loans, fewer fees, and higher savings dividends compared to traditional banks.
- Community and Personalized Focus
- Personalized Service: Often smaller and local, credit unions provide more individualized attention, better understand the local economy, and offer more flexible lending solutions.
- Community Investment: Credit unions are deeply tied to their local areas through charitable fundraising, sponsorships, and scholarships. Heritage Valley is York’s oldest founded credit union.
- Financial Education: Like Heritage Valley, many credit unions provide free financial education and literacy resources to their members.
- Shared Connections
- Community-Based: Credit unions are often formed around shared bonds—such as employers, geographic locations, or organizations—creating a stronger, more communal atmosphere.
In essence, while we offer the same products as banks (loans, checking, savings), our structure makes us a community-driven financial partner rather than just a vendor.
Though Banks and Credit Unions are Different, There Are Some Similarities
Both are Federally Insured up to $250,000. Both credit unions and banks are covered by government-backed protection and are safe and secure. At credit unions, your money is insured by the National Credit Union Administration (NCUA). Banks are federally insured by the Federal Deposit Insurance Corporation (FDIC).
Both Have Extensive Digital Banking Tools. Both credit unions and banks are tech-savvy offering an extensive array of digital banking tools for both consumers and businesses.
Both have a Vast Network of ATMs. It is a common misconception that credit union members cannot access money as easily as a bank customer. In reality, when you join a credit union, you gain access to a surcharge-free network of ATMs nationwide. In addition, our Rewards Checking account features refunds on ATM fees up to $20 a month.
Own Your Bank And Own Your Future
You already think for yourself, so why not bank for yourself? Just like our banking, we make becoming a member effortless. As the oldest founded credit union in York, we know what it means to live here, work here, and manage our money in ways that make sense here. From our highly rated digital banking tools to our helpful team members, we make building wealth a breeze.
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