What is a Cooperative?

A cooperative is a people-centered business that is owned and run by its members to meet their shared needs.

Cooperatives are based on fairness and democracy. Every member gets an equal vote. This means decisions are made together.

Why Co-Ops Are Important:

Cooperatives matter because they put people before profits. Instead of benefiting outside investors, they are owned and run by the people who use them, meaning decisions are made for the good of the members and the community. This creates businesses that are fairer, more democratic, and focused on long-term success rather than short-term gains. This makes them more resilient, especially during economic downturns.

With millions of cooperatives worldwide, this model has proven to be a powerful way for people to work together, build stronger communities, and create a fairer economy. Whether it’s a food co-op, a worker co-op, or a credit union, cooperatives empower people to take control of their financial well-being and build a better future—together.

Cooperatives share values and are typically invested in their community, working together to achieve more equal and equitable access for everyone. Learn more about local cooperatives by visiting Cooperation Buffalo.

A credit union is a not-for-profit, member-owned financial cooperative. Although on the surface banks and credit unions may look similar, the way we operate is completely different. Banks are owned by investors, while credit unions are owned by the people who use them—you! When you join a credit union, you’re not just a customer—you’re a co-owner. This gives you a say in how the credit union is run, including voting for the Board of Directors, who help guide important decisions.

Every credit union has a common bond—a connection that defines who can join. It might be based on where people live, work, or go to school. At Good Neighbors Credit Union, our common bond is Erie County, NY, meaning anyone who lives, works, studies or worships here can become a member. This also means your money stays local, helping to provide loans and financial services to people in your own community.

Because we’re rooted in the community, we focus on more than just banking. We’re committed to financial education and community support, helping our members make smart financial choices and investing in programs that strengthen the neighborhoods we serve. When you join a credit union, you’re joining something bigger.