Understanding the Role of a Credit Union in Your Community

Understanding the Role of a Credit Union in Your Community

Ohio’s #1 Credit Union (named by Forbes) is growing! We're proud to announce an expansion to our field of membership to the following counties: Stark, Summit, Portage, Tuscarawas, and Carroll.

We are excited to share the news of our field of membership expansion. This significant development will help shape the future of our credit union and the communities we serve.

This expansion marks a pivotal moment for CSE; increasing our footprint to a total of five counties will open doors to new opportunities for growth, outreach, and impact.

This will not only enhance CSE as a business, but will also deepen our roots within our current and new communities.

Expanding our field of membership is crucial for several reasons.

• It allows us to broaden our member base, attracting individuals who may not have had access to our (or any) financial services before. This not only increases our revenue streams as a business but also fosters a more diverse and inclusive membership.
• As our credit union grows, so will our ability to offer competitive rates, better services, and a wider range of financial products to meet the needs of our members.
• A larger membership base gives us greater leverage and influence within the community. It strengthens our position to advocate for the interests of our members, negotiate better partnerships, and collaborate with local businesses and organizations to promote initiatives that we truly support and care for.

Why did CSE want to expand its Field of Membership?

Making CSE membership open to all those who live, work (or regularly conduct business), worship, volunteer, or attend school in Stark, Summit, Portage, Tuscarawas, and Carroll counties, is a logical step in our evolution. We have heard directly from many residents in these new counties over the years that they wish they could join CSE, knowing that credit unions often represent a better financial choice for most consumers.

How is this a good thing for current CSE members?

The way the credit union is structured, as a financial cooperative, the health and strength of the organization is strongly dependent on the membership being engaged and utilizing its products and services. The more members that are an active part of the credit union and using its products and services, the better the ability to offer lower-cost loan options, higher deposit rates, better technology and access, and more community support.   Our expansion means being able to provide our financial offerings to more consumers who need them and provide a much-needed financial alternative to the big banks. In doing so, we will be able to increase our membership, and the ability to serve all our members and shared communities better.

With 48,000 members and growing, CSE has been a strong financial partner to our members for over 85 years, and we look forward to being an even better partner with this expansion.

Understanding the Role of a Credit Union in Your Community

So, what exactly is a credit union, and what role do we play in our communities?

Think of a credit union as a financial institution, just like a bank. However, there's a key difference: credit unions are not-for-profit, financial cooperatives owned and operated by their members.

How Do Credit Unions Work?

Credit unions offer many of the same services as banks. But the cool part is, because credit unions are not-for-profit, they often provide these services at lower costs in the form of lower fees and better interest rates compared to “the big banks”.

Our Community Connection

Now, when it comes to community, credit unions are deeply rooted. They're not some faceless corporation headquartered in big cities – they're right there in your neighborhood, serving the people who live and work nearby.

Benefits of Credit Unions:

1. Local Decision Making:

• Unlike big banks, decisions at credit unions are often made locally. This means they understand the needs of the community and their members better and can tailor services accordingly.

2. Financial Education:

• Most credit unions are passionate about educating their members about financial literacy, including CSE. Credit Unions often offer free workshops and resources to help members and even non-members make informed decisions about their money!

3. Community Investments:

• Credit unions typically invest in local businesses and initiatives, helping to stimulate economic growth and create job opportunities in the community.

4. Personalized Service:

• Due to credit unions’ community focus, they often provide personalized service that's hard to find at larger banks. You're not just an account number – you're a valued member of the community.

How to Become a Member?

Joining a credit union is easy! Typically credit unions have simple membership requirements, such as living or working in a specific area or being affiliated with a certain organization. Once you become a member, you can start taking advantage of all the benefits they offer.

Credit unions are more than just places to store your money or get a loan – they're integral parts of our communities. By supporting your local credit union, you're not only helping yourself, you’re also investing in the well-being and prosperity of your community as a whole. So next time you need financial services, consider giving your neighborhood credit union a try – you might be pleasantly surprised by the difference they can make in your life!