A credit union is a not-for-profit financial cooperative, owned by a group of members who share a common bond. At Water and Power Community Credit Union, the common bond consists of everyone who lives, works, goes to school, or worships in much of Los Angeles County. A member's family is also eligible to join, as are employees from select employee groups. On the surface, you won't see much difference between your credit union and the bank around the corner. You will find tellers, an ATM, and the same services. You can keep in touch with your accounts 24 hours a day, seven days a week through the phone, online, at a network ATM, or through the mail.

The structure of a credit union is unique. The board of directors who run the credit union are elected democratically by a vote of membership - each member has one vote. Because we are member owned, you don't make a deposit at the credit union -- you purchase shares. That's what makes you a member and an owner. Technically, you have a "share" account, your checking is a "share draft" account, and your "certificate of deposit" is actually a "share certificate." When you open a share account of any type, you become a shareholder - the only type of shareholder a credit union has.

Banks, on the other hand, strive to please their stockholders who are not necessarily depositors. At WPCCU, your shares don't earn "interest," they earn "dividends." Because the members are the only owners, there is no "profit" to be given to shareholders because any excess earnings over and above operational costs are returned to the owners/members in the form of higher dividend rates on shares or lower interest rates on loans.