The Credit Union Difference

"Not for profit, not for charity, but for service."

Credit Unions formed out of a need and desire to offer fair prices to the average consumer. In 1844, unfair business practices such as exorbitant interest rates caused a group of men to seek a solution. They formed a set of principles and values from which to operate their business. Time has not changed these values and principles much since that day long ago.

Principles and Values

  1. Voluntary and Open Membership - Credit unions are voluntary organizations, open to all people able to use its services and willing to accept the responsibilities of membership, without gender, social, racial, political, or religious discrimination.
  2. Democratic Member Control - Credit unions are democratic organizations controlled by their members, who elect representatives on their behalf.
  3. Members' Economic Participation - Members contribute equally to, and democratically control, the capital of the Credit Union. This benefits members in proportion to the business they conduct with the Credit Union rather than on capital invested.
  4. Autonomy and Independence - Credit unions are autonomous, self-help organizations controlled by their members. Outside agreements are entered into with caution to ensure democratic control.
  5. Education, Training and Information - Credit unions provide education for members and employees so they can contribute to the development of the organization. They inform the general public about the benefits of being a member.
  6. Cooperation Among Credit Unions - Credit unions serve their members most effectively and strengthen the Credit Union Movement by working together through local, national, regional, and international structures.
  7. Concern for Community - While focusing on member needs, credit unions work for the sustainable development of communities through policies and programs accepted by members.

Credit Unions

Structure/Philosophy - Not for profit, but for service.

Ownership - Member owned and controlled.

Control  - Volunteer directors are unpaid and elected from and by the membership. Each member is required to maintain a balance of $5.00 in their Regular Savings Account and is granted one vote regardless of deposit balance.

Earning - All profits are returned to members in the form of new products, additional services, lower fees and expanded locations.

Products & Services - Credit unions and banks offer many of the same financial products and services. However, fees at credit unions are kept as low as possible, and rates are kept at their best for the membership.

Safety - Deposits are insured up to $250,000 by NCUA.


Structure/Philosophy - Banks are corporations, which exist to earn a profit for shareholders.

Ownership - Shareholder (investor) owned and controlled.

Control  - Directors are paid and elected by shareholders. They are not required to use the products and services of the company or to live locally. Customers do not have voting rights unless they are stockholders. Shareholders are given voting rights in proportion to the number of stocks owned.

Earning - All profits are distributed to the stockholders in proportion to the number of shares owned.

Products & Services - Banks and credit unions offer many of the same financial products and services. Bank rates and fees are normally higher to insure the highest rate of return to the Investor.

Safety - Deposits are insured up to $250,000 by FDIC.

Knoxville TVA Employees Credit Union is led by a dedicated Board of Directors and Supervisory Committee. Volunteer directors are unpaid and elected from and by the membership. 

  • 2017 Board of Directors

    Cleston Jones, Chairperson

    Bill Bonham, Assistant Chairperson

    Jamie Keith, Treasurer

    Sherry Vermillion, Assistant Treasurer

    Edna Riddick, Secretary

    Nikolaus Jordan, Assistant Secretary

    James O. Ford

    Howard Rosser

    Ray Pack

  • 2017 Supervisory Committee

    Steve Hillenbrand, Chairperson

    Kami Darakshani

    Paul Ivie

    Andrea Brackett

    Tammy Wilson

    Jane Pipkin

    Tom Heffernan

  • Honorary Lifetime Members

    LeRoy Rogers

    Carl Mills