GTE Financial Difference for Members
The Credit Union Difference
Credit Unions are financial institutions that offer the same products and services as banks but operate quite differently. As a not-for-profit financial cooperative, we're formed by and continue to be owned by our members; whose purpose is to beneficially serve and help each other – hence the credit union philosophy of “people helping people”. This means our decisions are made with the members' needs in mind, rather than dictated by profits or anonymous shareholders.
- You’re a member! Every member owns a share of the financial cooperative.
- The organization is run by a volunteer, unpaid Board of Directors elected by the membership.
- We’re not-for-profit and motivated by what’s best for our membership. Profits are returned to members in benefits like higher yields, lower rates and fees, new products and services.
- GTE is locally owned and operated.
- We approach philanthropy as a responsibility to the community - a privilege that we wholeheartedly view as a fundamental purpose and reason for existing.
- GTE offers all the virtual conveniences you want like the GTE Mobile App, Future Change, Online Banking, Bill Pay, person-to-person payments, remote deposit capture and fee-free ATMs nationwide.
- Additional member benefits like financial literacy programs, free loyalty rewards programs, special promotions throughout the year as well as highly-competitive and unique products delivered at a special member value.
- Banks are owned by and answer to paid executives and stockholders.
- As publicly traded companies, profits and decisions are often driven by benefiting stockholders.
- Big banks are operated on a national level, often with high operating expenses that are passed on to the bank customer.
- You may be able to use virtual services, but they often come with additional costs.
- You might get a lollipop in the drive-thru.