Page 26 - North Haven Magazine Issue 8 Spring 2019

Credit Union Pioneers New Technology and Opens

DMV Express in North Haven by Roger Dietz

any people do not understand the differences be- In an era when so much banking is done online, the
Mtween a bank and a credit union. Both are finan- presence of DMV Express locations has brought more
cial institutions, but with different business structures members to Nutmeg than ever before—and they’re
and philosophies. The fundamental difference is that a more than ready to serve them. The North Haven
bank is a for-profit business with shareholders while a location is staffed for exceptional service and includes
credit union is a not-for-profit business with members. self-service kiosks and tablets where members can
While shareholders of a bank own stock, the members easily conduct banking transactions.
of a credit union have the opportunity to influence
the direction of its strategy by exercising equal voting
rights. The non-profit status of credit unions allows
them to return profits to their members in the form of
lower interest rates on loans and credit cards, higher
rates of return on savings accounts and much more.

Nutmeg State Financial Credit Union provides financial
services to many communities throughout Connecti-
cut. Founded in 1936, the credit union has locations in
Rocky Hill, Manchester, New Britain, Hartford, Glaston-
bury, West Hartford, Orange, Stratford and Milford. As
of December 2018, the credit union also has a pres-
ence in North Haven at 117 Washington Avenue. Both
the Milford and the new North Haven locations offer
the additional benefit of DMV Express services.

26 North Haven Magazine - Spring 2019