Cooperative Principles: Membership and Participation

While we’re certainly one-of-a-kind, we didn’t invent the co-op. Financial cooperatives and credit unions have been around since the 1800s, evolving with a shared set of principles that govern and guide like-minded companies around the globe.

From our commitment to community, to our unique mission in financial services, to your relationship and role as a member – the Eight Cooperative Principles of Credit Unions help to distinguish who we are and what we do. Take two of our core principles for example: Voluntary and Open Membership and Member Economic Participation.

Voluntary and Open Membership

“Credit unions are voluntary, not-for-profit financial cooperatives, offering services to people willing to accept the responsibilities and benefits of membership, without gender, social, racial, political, or religious discrimination.” – National Credit Union Foundation

The primary principle of cooperatives worldwide, Voluntary and Open Membership proclaims inclusion while denouncing coercion and discrimination. We accept all who are “willing to accept the responsibilities and benefits of membership.” So, what’s the deal with membership eligibility? We’re glad you asked…

As a cooperative, we can’t simply march into another credit union’s territory and compete with their charter. We serve communities that require our services, and our charters are the bylaws that define those communities. Sometimes, the field of membership is defined by territories, like Otsego County, NY or the City of Reading, PA. Other times, it’s defined by employment, such as employees of select school districts.

In any case, our membership also extends beyond these charters through secondary membership. That means if a person is eligible to become a Visions member, then everyone in that person’s immediate family and household is also eligible to become a member – voluntarily and without discrimination.

Member Economic Participation

“Members are the owners of their credit union and contribute to its capital. Members, not shareholders, benefit from their credit union’s profits in proportion to their relationship and use of its products and services." – National Credit Union Foundation

YOU benefit. That’s the biggest difference between us and banks. Our business model returns profits back to members in the form of fewer fees, lower rates on loans, and higher dividends on savings.

Here’s the thing, though. Members will benefit the most by increasing their participation. For example, compare our checking accounts:

Flex Checking
Without meeting any minimum balance or prerequisites, members can enjoy a Flex Checking account with a complimentary debit card, a free box of standard checks per year, and no dividends. It’s an excellent checking option with no monthly fees.

Flex Checking Plus
By increasing your participation, you could skip the $8 monthly fee* on our Flex Checking Plus and earn dividends on your checking balance, while also getting free money orders and official checks, free wire transfers, unlimited refunds on non-Visions ATMs, and more – and still receive the complimentary debit card!

Flex Checking Plus requires a $1,000 minimum account balance or an aggregate of $25,000 in combined consumer deposit/loan balances at all times to avoid the $8 monthly service charge. A fee waiver is also available for our veteran service members and their spouses. (Proof of service required for waiver and must be shown at account opening.)

Other examples of member benefits from increasing participation include our rates on Flex Money Market accounts, chances to win prizes with a Lucky Savers share certificate, our $5 bonus offer for enrolling in eStatements, and enhanced credit card perks for our Elite Visa Signature compared to Visa Platinum.

Learn more about Visions, our mission, and the credit union movement.