The experiment proved successful. Today, thousands of credit unions, which are democratically controlled financial cooperatives, serve millions of members worldwide. Member service satisfaction is at the core of credit union success. Credit unions have been the favorite among consumers surveyed in the American Banker satisfaction survey every year the independent publication has done the study, beginning in 1983.
Members own their credit unions.
They have a voice in how their credit unions are run. The members' ownership shares entitle them to vote for a volunteer board of directors. And unlike mutual savings banks, a member's voting shares do not depend on how much money he or she has on deposit. All members are equal owners. But most of all, members reap the benefit of their credit unions' success.