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Credit unions help consumers achieve their financial dreams. They provide every possible financial service, including savings accounts, loans for cars, homes, and businesses, credit cards, financial counseling, and more.

What is a Credit Union?

A credit union is a cooperative financial institution, essentially owned by the people who have chosen them as their financial services partners.

How are credit unions different from banks?

That’s easy. Credit unions put people before profits. While banks are owned by stockholders and must deliver profits to them, credit unions are not-for-profit cooperatives, essentially owned by the members using their services. Instead of returning profits to Wall Street, credit unions reinvest in their members, offering them smart, economical products and services, and to top all that off, a voice in how the credit union is operated!

The American Credit Union Movement took flight during the Great Depression when people in need could not access the for-profit financial services system. Founding members pooled their own money to make affordable loans possible for people who needed help. While membership in credit unions has grown and technology has evolved to meet members’ needs, credit unions remain as true to those roots as ever.

Not-for-profit

Credit unions are not-for-profit financial cooperatives existing to serve members, not to make a profit. Unlike most other financial institutions, credit unions do not issue stock or pay dividends to outside stockholders. Instead, earnings are returned to our members through benefits such as lower loan rates, higher interest on deposits, lower fees, free financial education, and added emphasis serving communities large and small, metropolitan and rural.

Your money is always safe in a credit union.

Deposits in most federally insured credit unions are insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF). Some credit unions offer similar or additional insurance protection for your accounts.Funded by credit unions and administered by the National Credit Union Administration,  , the NCUSIF is backed by the full faith and credit of the U.S. government.

Taxation

Credit unions do pay taxes – payroll taxes, sales taxes, and property taxes. Credit unions are exempt from corporate and income taxes because of their not-for-profit structure.

Ownership

Credit unions are an economic democracy. Each credit union member has equal ownership and one vote – regardless of how much money a member has on deposit. At a credit union, everyone is both a member and an owner who gets to vote on how the credit union will be run through board elections.

Member-Driven Boards

Each credit union is governed by a board of directors elected by and from the credit union’s membership.

Membership Eligibility

Nearly everyone qualifies for membership in a credit union, depending on where they live, work, worship, or attend school.

People Helping People

Credit unions exist to help people, not make a profit. The goal is to serve all the members well, including those of modest means – every member counts. Members are fiercely loyal for this reason. They know their credit union will be there for them in bad times as well as good. The same people-first philosophy encourages credit unions and their employees to get involved in community charitable activities and worthwhile causes.