Credit unions offer many of the services banks offer. But credit unions--nonprofit, cooperative, democratically controlled--and banks are entirely different in their philosophy and business motives. For a bank to be like a credit union (any credit union, regardless of size or membership base), it would have to make these fundamental changes:

Eliminate the bank's stockholders. Turn ownership over to depositors. Give each depositor an equal ownership share, regardless of account balance. Give each depositor an equal vote, regardless of account balance. Eliminate the bank's paid board of directors. Let customers elect their own board of directors to serve without pay. Let customers vote on issues at the annual meeting. Make loans only to depositors. Return all excess income to customers in the form of better rates and fees.

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