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Our Culture Thrives on Community

Apr 15, 2022
a big group of cheerful young adults

The credit union philosophy “people helping people” is simple yet mighty. It’s the guiding principle for all credit unions putting service into action. Credit unions are not-for-profit organizations created by everyday people with a common goal and bond of improving the financial well-being and lives of their members. Credit unions are built on a communal foundation with the social responsibility of bringing people together and making communities stronger and brighter places to live.

Similar, But Not the Same


At first glance, credit unions and banks might seem alike, but they aren’t the same. Both are financial institutions that provide similar products and services, like checking and savings accounts, auto loans, and mortgages. Nevertheless, as you dig deeper it becomes clear that credit unions are very different from banks making them unique in the financial world.

Group of three multiethnic young ladies smiling

The Difference Between "Customers" and "Members"


Banks have customers while credit unions have members. A common misrepresentation of being a member of a credit union is that there are strict membership requirements preventing someone from joining the credit union. This is not the case. Members of a credit union share a common bond which is also known as the credit union’s “field of membership” and because of this, there are many ways for you to become a member. You may be able to join based on your employer, family, where you live, and more. To learn more about how you can join Peach State and become a member-owner, please visit https://www.peachstatefcu.org/Membership.

A benefit of being a member is that you can participate in and attend the credit union’s annual meeting, making you a member-owner. A bank’s customer is not an equal owner and instead is owned by stockholders and investors who have financial gain in the company.

Not-for-Profit versus For-Profit


Unlike banks, credit unions are not-for-profit financial cooperatives. Any earnings above and beyond covering operational expenses are reinvested back to its members in the form of lower loan rates, higher dividends on savings accounts, and lower fees.

Lead by Integrity


Credit unions and banks both are governed by a Board of Directors. The Board of Directors for a bank is elected by the stockholders. The elected officials are legally bound to make business decisions in favor of the stockholders, not the bank’s customers. However, a credit union’s Board of Directors is made up of volunteer credit union members whose main purpose is safeguarding the credit union’s mission and values.

Diverse group of happy volunteers with hands putting hands in a circle

Culture is Key


The culture between the two are also noticeably different. The credit union culture embodies, empathy, trust, authenticity, commitment, and financial empowerment. Credit unions work closely with their members to find the best solution that fits their needs; not to seek financial opportunities that benefit the organization.

People Helping People - The Start of Something Big


Peach State Federal Credit Union was originally founded in 1961 as Gwinnett Teachers Credit Union. The idea came about by a group of Gwinnett County Public School employees who recognized a need to provide financial assistance to people of similar backgrounds.

The group met at the home of one of the founders to discuss ways they could help more employees at the school system, and thus the idea came to life of forming a financial cooperative, also known as a credit union. It was then that Gwinnett Teachers Credit Union, known today as Peach State Federal Credit Union, was born. What started with a small group of employees helping each other in times of need has flourished into an organization that has helped the lives of over 74,000 people.

Peach State FCU C.A.R.E.S. Foundation Logo

Peach State C.A.R.E.S.


In March of 2021, the C.A.R.E.S. Foundation was created as an extension of the credit union philosophy of “people helping people”. The acronym stands for Community, Arts, Responsibility, Education, and Service, and is another way Peach State can positively impact more lives near and far.

The foundation receives funding from members through the Peach State C.A.R.E.S Visa Debit Card program1 as well as contributions from outside donors. Each time a purchase is made using a Peach State Visa Debit Card, the credit union donates a nickel to the C.A.R.E.S. Foundation. The program has raised over $1.5 million for families and communities in need, non-profit and other charitable organizations, school systems, scholarship programs, and even fellow credit union colleagues.

We are united by a common goal: “People helping people”. Together we can continue building upon something bigger and greater than ourselves, touching more lives and strengthening more communities.

To learn more about the ways Peach State CARES for its communities and how you can become involved, please visit https://www.peachstatefcu.org/Stories/CARES-Foundation.

1 $0.05 per transaction of Peach State Federal Credit Union’s merchant interchange income from our Vis Debit Card program is used to benefit the communities we serve. Peach State will determine where/how funds are disbursed. This does not affect members’ accounts, nor will any member information be disclosed. You will not incur any additional fees or charges from this program. Merchant interchange income is derived from fees that a merchant pays to accept credit/debit card payments. The C.A.R.E.S. program may or may not apply to ATM transactions, certain commercial transactions, or other transactions not processed by Visa.

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