A member-owned credit union is a not-for-profit financial cooperative owned by the people who use it. When you establish membership, you become more than an account holder. You receive an ownership share and may take part in the credit union’s democratic governance.
That structure is the core difference between a credit union and a shareholder-owned bank.
How credit union ownership works
A credit union member opens and maintains a required share account. That share represents membership in the cooperative. Each eligible member generally receives one vote, regardless of how much money the member has on deposit.
Members may vote for the credit union’s volunteer board of directors. The board helps guide policy and oversees the institution on behalf of the membership.
Where credit union earnings go
A credit union does not distribute profits to outside shareholders. Earnings support the institution, including required reserves, operations, technology, service, and member products. The exact mix changes as the credit union responds to financial conditions and member needs.
Member ownership does not mean every member manages daily operations or receives a direct payment. It means the institution exists to serve its membership and follows a cooperative governance structure.
Do members receive special voting power based on account size?
No. Credit union governance follows the principle of one member, one vote. A larger account balance does not provide additional votes.
Does member-owned mean locally limited?
No. A credit union can combine local service with broad digital and network access. People Driven Credit Union serves eligible members throughout Michigan. Members can also use online and mobile banking and participating shared branch and ATM networks.
What membership means at PDCU
Every new PDCU member must open a Membership Share Savings Account and make the required ownership deposit when opening an account or after loan approval. Once established, membership can provide access to eligible accounts, loans, digital tools, and member services.
You can apply for a loan before completing membership. If PDCU approves the loan, you must complete membership before the loan can close.
Who is eligible to join?
People who live, work, attend school, or worship anywhere in Michigan may qualify for PDCU membership. Other individuals, families, businesses, and organizations may also qualify under PDCU’s field of membership.
Review PDCU membership eligibility and application requirements before applying.
John Scharff is the Digital Marketing Lead at People Driven Credit Union, where he helps create clear, practical financial content for members and the communities PDCU serves. He focuses on making financial topics easier to understand, from loans and savings accounts to digital banking, fraud prevention, and everyday money management.
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