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(From the Financial Literacy Blog) — Every October, National Co-op Month celebrates cooperatives and the important role they play in communities across the country. But did you know that if you belong to a credit union, you’re already part of the cooperative movement?
Credit unions aren’t just another place to manage your money. They’re not-for-profit financial cooperatives owned by the people they serve—their members. That structure helps shape everything from how decisions are made to how credit unions support the financial well-being of their members and communities.
What Does It Mean to Be a Cooperative?
Unlike financial institutions owned by investors or shareholders, credit unions are owned by their members. When you join a credit union, you become more than a customer—you become a member and part-owner.
Credit unions operate democratically under the principle of one member, one vote. Members have the opportunity to elect the volunteer board of directors responsible for representing their interests and helping guide the credit union.
Because credit unions are not-for-profit, their focus is on serving members rather than generating profits for outside shareholders. Earnings can be returned to members through benefits such as competitive rates, lower fees, improved products and services, and investments in the member experience.
Seven Principles, One Shared Purpose
Credit unions are guided by the seven cooperative principles, which help define how cooperatives operate:
- Voluntary and Open Membership
- Democratic Member Control
- Member Economic Participation
- Autonomy and Independence
- Education, Training, and Information
- Cooperation Among Cooperatives
- Concern for Community
You don’t need to know these principles by heart to experience them. You can see them at work when your credit union provides financial education, helps a member navigate a financial challenge, volunteers in the community, supports a local organization, or works alongside other credit unions toward a shared goal.
What Does the Cooperative Model Mean for Your Money?
The cooperative model isn’t just a philosophy—it can make a difference in your financial life.
Credit unions offer many of the financial products and services you would expect, including savings and checking accounts, loans, credit cards, mortgages, and digital banking. But their member-owned structure means they’re designed to put the needs of members at the center of what they do.
That can mean access to financial education and guidance, opportunities to establish or improve credit, tools to help build savings, and support when financial circumstances change.
And because education, training, and information is one of the cooperative principles, helping members become more confident and informed about their finances is an important part of the credit union mission.
People Helping People
The cooperative spirit extends beyond individual members, too. Concern for Community and Cooperation Among Cooperatives are two principles that Maine’s credit unions put into action throughout the year.
Across the state, credit unions give back through charitable contributions, volunteerism, financial education, community partnerships, and collaborative initiatives. One example is Maine Credit Unions’ Campaign for Ending Hunger, which brings the credit union movement together to help address food insecurity in communities across Maine.
That cooperative approach reflects a simple idea at the heart of the credit union movement: People Helping People.
Your Membership Means Something
National Co-op Month is a great reminder that where you choose to keep, borrow, and manage your money can mean something more. When you’re a credit union member, you’re part of a financial cooperative built around shared ownership, democratic participation, financial well-being, and stronger communities.
So, this October, take a moment to celebrate what makes credit unions different. You don’t just bank at a credit union—you belong to one.