What is a credit union?

A credit union is a cooperative financial institution, owned and controlled by the people who use its services. These people are members. Credit unions serve groups that share something in common, such as where they work, live, or go to church.

Credit unions, like other financial institutions, are closely regulated. The National Credit Union Share Insurance Fund, administered by the National Credit Union Administration, an agency of the federal government, insures deposits of credit union members up to $100,000.

What is the credit union difference?

Not-for-profit
Credit unions are not-for-profit financial cooperatives. We exist to serve our members, not to make a profit. We return earnings to our members in the form of lower loan rates, higher interest on deposits, and lower fees.

Taxation
Credit Unions do pay taxes- payroll taxes, sales taxes, and property taxes. Congress exempts credit unions from federal income taxes.

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, every customer is both a member and an owner.

Volunteer Boards
Each credit union is governed by a volunteer board of directors, elected by and from the credit union's membership.

Membership Eligibility
By current federal statue, credit unions cannot serve the general public. People qualify for a credit union membership through their employer, organizational affiliations like churches or social groups, or a community-chartered credit union.

Financial Education for Members
Credit unions assist members to become better-educated consumers of financial services.

Social Purpose: People Helping People
Credit unions exist to help people, not make a profit. Our goal is to serve all of our members well, including those of modest means- every member counts.

Your savings federally insured to at least $100,000 and backed by the full faith and credit of the United States Government National Credit Union Administration, a U.S. Government Agency.	We do business in accordance with the federal fair housing law and the equal opportunity act.
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