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Since 1955, La Loma Federal Credit Union has been proudly serving the Southeastern California Conference of Seventh-Day Adventists, Loma Linda University, Loma Linda University Health, and La Sierra University communities. 

La Loma FCU is a credit union, which is a financial institution. Similar to other financial institutions, a credit union can offer a wide range of products and services such as savings (regular shares), checking, certificates of deposits (share term certificates), loan products, and much more. Other than the name of the products, there is not much of a difference between products by a credit union and a bank. But, a credit union does offer several differentiating benefits from other financial institutions.

Member Owned, Not for Profit:

A credit union is a cooperative wherein its members are its owners. The general membership is represented by an elected board of directors who are members themselves and serves without compensation for their time. Each member, regardless of their balances on their accounts, gets to cast one vote and are eligible to be nominated as a director.

 

Unlike for-profit financial institutions the main focus of a credit union as an institution is not for profit. Its main focus is to ensure its financial stability and sustain its growth to continually provide financial products and services to its members. In the process of doing business the credit union does make a profit, however a credit union's profit does not go into the pocket of shareholders or select individuals. It goes back to the credit union in the form of capital to further its stability as an institution, to new products and services, or back to the general membership in the form of higher dividends, lower loan rates, and lower fees.

Credit Union Tax Exemption

As a La Loma FCU member, you can take advantage of lower rates, higher savings dividends, and low or no fees. Such benefits are available to members, in part, because Congress granted credit unions a long-standing exemption from taxation, and with good reason.

 

Not-for-profit credit unions return profits to members, and are led by an all-volunteer Board of Directors who are not compensated for their services. Credit unions also help the financially under-served, including members with below-average incomes, or those with limited or damaged credit. Banks, however, earn billions in profit from customers of their choosing, and pass those profits on to stockholders.

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