it's a credit union party, y'all

February 19, 2012 10:05 PM

Credit Union Filter: Have you attended your credit union's annual meeting? What was done there, and did you find it worthwhile?

I opened a bank account with a credit union last year which also makes me a shareholder. I got a brochure recently in the mail inviting me as a member to the credit union's annual meeting, where the Board of Directors will give its 2011 report, election results are to be announced and other "business as may properly come before the meeting or any adjournment thereof." It doesn't really sound like any of this is relevant to me, but I want to exercise and take advantage my rights as a shareholder.

posted by koucha to Work & Money (3 answers total)

It is generally a dull meeting which goes exactly as advertised. If you are interested in becoming a member of a committee or serving in some volunteer capacity at some time in the future, you might find it interesting to go meet and greet, put names with faces, etc. It's all pretty businesslike these days but the board really is made up of members, as are the loan and audit committees. It can't hurt to know the board and other committee members, all volunteers. This is a financial institution that belongs to its members--including you; why not go find out about it! These things survive as democratic institutions because the members participate. I love my credit unions.
posted by Anitanola at 10:26 PM on February 19, 2012 [1 favorite]

I have been and it wasn't really exciting. However, my son came and was young and cute and they gave him a door prize (toy dog mascot of the credit union -- still has it!)

If you have questions about

- ethical investment policy and how members influence it
- bylaws and how members get involved
- what ways the credit union supports local businesses
- ways the credit union is taking advantage of recent interest in the credit unions
- financial plans and growth strategy
- community involvement plans
- how to grow the membership
- whether branches will be opening or closing in particular neighborhoods
- the financial statements and what they mean

then an AGM is a good place to go and ask the board to answer these questions, as it is hard to do at the teller. and it also tells them members are interested in the things that interest you.

If you are interested in becoming involved as a volunteer I think it would be worth going.
posted by chapps at 11:06 PM on February 19, 2012 [2 favorites]

They're quite dull affairs. Committee chairs, officers and the president will make short reports. There will be a couple of motions that will pass unanimously without comment. Free food and door prizes will probably be offfered. People, generally, won't talk to each other much unless they knew each other at the company the credit union originally served.

There's no reason it has to be that way, though! Many credit unions want members to act like member-owners and be more involved. And, although some board and staff will resent it, it's good to ask hard questions of them (perhaps one publicly and the rest privately.) Many credit unions that would have benefited from some agitation are now closed for not trying very hard to be a great credit union soon enough.
posted by michaelh at 3:37 AM on February 20, 2012 [3 favorites]