The CU Difference
What makes credit unions so special? It’s true that we share a few similarities with other financial institutions (accepting deposits and offering loans), but that’s where the similarities end.
Our value goes beyond offering good rates, low or no fees, and great service. That’s because our value starts with you! Once you join a credit union you are not an account number, but a member/owner.
This means that as the credit union prospers so do you. Instead of existing to make profits for a few shareholders, credit unions exist to serve their membership. The surplus earnings made are returned to the members in the form of better interest on savings, lower interest rates on loans dividend on equity shares, or low or no service fees and rebate on interest paid on loans.
G.U.T. Credit Union
- As a member, you own the credit union
- You benefit from the surplus earned
- Surplus is reinvested in our community
- Free savings accounts
- No loan fee
- Membership can earn you 5-10% discount at many locations island-wide
- Free insurance on your savings and loans
Other Financial institutions
- Owned by a few stockholders
- Surplus is kept for the stockholders only
- Surplus is often redirected to head offices outside the country
- Often there is a charge to maintain an account or to do business face-to-face
- Administrative and other hidden fees accompany loans