Credit unions exist solely for the purpose of serving their members, while banks exist to make profits to pay their stockholders. In the credit union system, members have ultimate control over their money and the policies of the credit union. Allowing member-owners a vote and a voice in credit union management guarantees that member needs are met first. Each credit union member has one vote, no matter how much money the individual has in the credit union. Members elect a volunteer board of directors, who set the policies and rates of the credit union.
Credit unions hold annual membership meetings to elect new board members.
Many Iowa credit unions are on the cutting-edge of electronic service delivery. Products like home banking, online loan applications, automated response systems, smart cards and debit cards can be found in credit unions of all shapes and sizes. Credit unions have either a federal or state charter. D.C. In Iowa, state charters are granted by the Credit Union Division of the Iowa Department of Commerce. As mentioned above, however, the vast majority of Iowa's credit unions are state chartered and are primarily regulated by the state.