The Credit Union Difference

“By Students. For Students.” is more than a motto at First Miami Student Credit Union.

It’s what we are. We provide the same friendly, professional service to all of our members, regardless of means, because every member counts. We are here for you in bad times as well as good.

  • You are not just a customer; you are an owner. Owners that keep a minimum balance of $5.00 in their regular savings accounts own an equivalent interest in their Credit Union. Your ownership interest has attached to it a vote, a vote in the democratically-governed affairs of the Credit Union. Members are encouraged to exercise their voting rights as part of the election of the Board of Directors.

  • A Credit Union is a financial cooperative, meaning no one person or organization owns a Credit Union. It is owned and governed by its member-owners. As a cooperative, it exists solely to provide members with affordable, convenient financial services tailored to the uniqueness of its membership.

  • Credit Union earnings are generally not taxed; therefore, earnings are typically returned to members in the form of lower rates on loans, higher returns on savings, lower fees and better service.

  • Credit Unions seek the active involvement of their member-owners. First Miami is unique since it is all volunteer driven and internship based. The Board of Directors is comprised of unpaid volunteers elected by the membership. In addition to the Board of Directors, there are several committees that a member can serve on. To learn more about your Credit Union’s volunteer opportunities, please touch base with its Board Chair or senior management

Everyone at some point will need the services of a financial institution; the question becomes,

 What type of financial institution will best serve their needs?

 

Unlike banks, Credit Unions do not exist to maximize the wealth of their shareholders of each and every individual member-owner.

 

First Miami is one of three student run Credit Unions in the United States

So, a Credit Union features…

  • Member-ownership and governance

  • Democratic equality-one member-one vote.

  • A higher percentage of the earnings returned to the membership.

  • Federally Insured accounts: the basic insurance amount is currently $250,000

  • Many no-cost value added member services, such as; Basic Checking, Online Banking, and Online Bill Pay