Are member-owned financial cooperatives where all members benefit equally.
Only stockholders benefit.
All members have an equal vote on how the CU is operated.
Only stockholders have a vote.
Credit Union Boards of Directors volunteer their time. They do not get paid.
Bank Board Members are paid.
Credit Union members vote for their Board of Directors.
Board members are appointed.
Credit Unions only make loans to CU members.
Loan to most everyone.
Excess earnings are returned to all Credit Union members in the form of better rates and lower fees.
Profits only go to stockholders.
Structure
The members own Martinsville DuPont Credit Union and have control by electing a Board of Directors from the membership at the annual meeting. Any member, other than staff, is eligible for nomination. The Board of Directors, consisting of nine members, regularly meets once a month. It prescribes overall policies, borrowing and investment of MDCU funds and the establishing of dividends and loan rates.The Supervisory Committee is appointed by the Board of Directors and consists of three members. They are responsible for auditing MDCU’s cash, books, records, operations and verification of member accounts. This insures that state regulations and board policies are being met.
Martinsville DuPont Credit Union opened in 1953 as a small financial cooperative that served the employees of the Martinsville DuPont Corporation Production Plant. MDCU was created by employees to serve employees. Although the plant has since closed, MDCU’s membership and financial strength have continued to grow and we now serve the families that live in the foothills of Virginia. MDCU has represented excellent financial service for over 50 years. Persons who work or live in the counties of Franklin, Henry, Patrick and Pittsylvania including Martinsville and Danville can join MDCU. Immediate family members of current MDCU members may also join.
Safeguards
Accounts are insured to at least $250,000 per member by the National Credit Union Administration, NCUA. Credit Unions insured by NCUA are subject to strict examinations and accounting procedures. Unlike some financial institutions, this type of coverage is paid for by Martinsville DuPont Credit Union, rather than a direct charge to individual members.
In addition to insurance and examinations, an independent accounting firm under the direction of MDCU’s Supervisory Committee conducts an annual audit. As required by law, a percentage of annual earnings is deposited to reserves to protect against losses from uncollectible debts and other possible declines in asset values. A surety bond covers money and valuable papers against robbery, forgery and dishonesty.
Martinsville DuPont Credit Union has an impeccable reputation for its safety as well as its stability as a financial institution.
Members are encouraged to visit the following link provided by National Credit Union Administration (NCUA) to help them understand their share insurance protection. NCUA Insurance Information
