Did you know credit unions are guided by a unique set of cooperative principles that put people first?
These principles help shape everything credit unions do, from supporting financial wellness and community programs to creating a more Member-focused banking experience. For this blog series, we are taking a closer look at each of the eight Cooperative Principles and how they continue to guide credit unions today.
Being a credit union Member is about more than accounts and transactions. When you join a credit union you belong to a financial cooperative built around people helping people.
Cooperative Principle #1: Voluntary and Open Membership
At the heart of every credit union is a simple but powerful idea: people helping people. That idea starts with the very first Cooperative Principle: Voluntary and Open Membership.
Unlike some financial institutions that may feel transactional or impersonal, credit unions were built to create access. Credit unions exist to serve people from all walks of life and help strengthen the financial well-being of their communities.
So, what does “voluntary and open membership” actually mean?
It means membership is open to people who qualify within a credit union’s field of membership, without discrimination based on race, religion, gender, social status, or other barriers.
Many early credit unions were founded by workers who shared a common bond, such as where they worked, lived, or worshipped. In O Bee’s case, Ted McGill founded our credit union in 1955 to serve workers at the Olympia Brewery. Everyday workers came together to create a financial cooperative designed around helping one another succeed financially.
But membership is always voluntary.
No one is required to become a Member. People choose to become part of a cooperative because they value the benefits, service, and community-focused approach credit unions provide.
Over time, many credit unions (like O Bee) expanded their fields of membership to serve broader communities. But the same people-first philosophy holds true. That distinction matters.
Built on Inclusion
Credit unions were originally created to provide financial services to people who may have been underserved or overlooked by traditional banking systems. That mission still guides us today.
Credit unions continue working to create access to:
For many Members, the motivation to join a credit union goes beyond opening a share account. It is about finding a financial partner that values relationships over profits.
A Welcoming Approach
Voluntary and open membership also means the welcoming spirit many credit unions strive to create.
Financial conversations can feel intimidating. Whether someone is applying for their first auto loan, opening a checking account, or trying to rebuild credit, they deserve to feel respected and supported.
Credit unions aim to meet people where they are. We understand that financial journeys are not always perfect. Life happens. Unexpected expenses happen. People grow and learn over time. A cooperative approach recognizes the human side of financial wellness.
Stronger Communities Start with Access
When people have access to fair and affordable financial services, entire communities benefit. Families are better able to save for emergencies. Small businesses can grow. Young adults can begin building credit responsibly. Members can work toward homeownership, education, and long-term goals. Financial inclusion creates opportunity.
That is why credit unions invest in financial education, community partnerships, scholarships, and outreach programs. We believe our communities are strongest when we work together.
At its core, Voluntary and Open Membership is about creating opportunity. Credit unions were founded on the belief that financial services should be accessible, respectful, and centered around people, not profits. That belief continues today every time a new Member joins, asks a question, works toward a goal, or simply wants a financial partner who sees them as more than an account number. Because when people have access, support, and a place where they belong, stronger financial futures and stronger communities can grow together.