What's a credit union?
Credit unions are not-for-profit organizations that exist to serve their members. Like banks, credit unions accept deposits, make loans and provide a wide array of other financial services. But as member-owned and cooperative institutions, credit unions provide a safe place to save and borrow at reasonable rates.
Who owns a credit union?
Every member is a shareholder. As a member, you will always have a say in how the credit union operates - you are considered an owner and will therefore help direct its operations. You will not only be eligible to vote at the Annual Meeting of Shareholders, but could serve on the Board as well.
What is the purpose of a credit union?
The primary purpose of a credit union is to provide financial benefits to its members. With experience in the particular challenges faced by those in a select field of membership, credit unions provide impeccable service that is knowledgeable, personal and convenient.
Are savings deposits insured?
Yes. All savings are federally insured up to at least $250,000 by the NCUA (National Credit Union Administration, a U.S. Government Agency) and backed by the full faith and credit of the United States Government.
Who can join a credit union?
A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a "field of membership." The field of membership may include where they live, where they work, or their membership in a social or economic group.