All I know about credit unions is my cousin said it cost him $300 up front to join--so I didn't.

Hey, Monty: If you're keeping a record of where I'm going on your site (and you should be able to) I'm a voracious reader.

The following are what I feel are the differences between banks and credit unions.

- Credit Unions are known for personalized, friendly service.

- Our focus on people sets us apart.

- We think of ourselves as helping hands, working hard on behalf of our members.

- As locally-owned financial institutions, we can also say that credit unions belong to their members and communities.

- New members will be pleased to find that credit unions are full-service financial institutions dedicated to meeting their members' needs.

- In survey after survey, credit unions are recognized for superior service. We are dedicated to meeting our members' needs and helping them reach their financial goals.

- Co-operative Values - Because we are co-operators, our practices reflect honesty, integrity, prudence and our faith in individuals and their communities.

- Over 900 board members who are locally elected by the members of each credit union provide strategic direction to the professional management teams who run the day-to-day operations of the credit union.

- Patronage of $19.7 million was returned to members.

- All funds on deposit in Saskatchewan credit unions are fully guaranteed. This is possible because credit unions strictly adhere to standards of sound business practice ensuring their business remains strong.

- No depositor has ever lost funds deposited in a Saskatchewan credit union.

Furthermore:

Local ownership and control

Each credit union is an autonomous, separate entity, owned and controlled by local people.

By purchasing a share in the credit union for a minimal cost, customers of the credit union become members.

Each member owns one share and has one vote.

Members elect board members to control the direction of the credit union.

Members vote on major decisions being made by the credit union.

The local board hires the General Manager/CEO of the credit union.

Community investment

Credit union earnings stay in the community.

Credit unions sponsor local interests and initiatives.

Credit unions remain in the community, because that?s where their customers and their member-owners are.

Credit unions contribute to the local economy by providing employment and by having a presence in that community. More than 2900 knowledgeable and professional people work in credit unions across the province.

Credit union employees are active participants in the community.

Strength through partnerships

Each credit union is part of a network of credit unions and related organizations providing all the financial products and services required by today?s diverse members.

Credit unions have access to trust services, leasing, small to medium-sized business financial services, card products, wealth management, financial planning, investment and insurance services through this network.

Provincially regulated

Credit unions are provincially regulated.

The Credit Union Act, 1998 provides the overall framework for the incorporation and regulation of credit unions in Saskatchewan. The Act describes the responsibilities, obligations and powers of credit unions, the Registrar of Credit Unions and the Credit Union Deposit Guarantee Corporation.

Credit Union Deposit Guarantee Corporation is given responsibility by the provincial government to guarantee the full amount of funds on deposit with Saskatchewan credit unions and to provide preventive services that support the financial strength of credit unions.

Hope this helps.

James Borisko

Relationship Manager

Commercial Business Services

Sherwood Place Branch