What Is A Credit Union?
A credit union is a not-for-profit financial institution owned and operated by its members. Credit unions provide their members with a safe and sound institution to save and borrow at reasonable and affordable rates. A volunteer board elected by members manages the credit union. Credit unions exist to serve their members and are able to offer favorable rates on savings and loans.
Why do people join credit unions?
People all over the world belong to credit unions. Today, approximately 10,000 credit unions serve more than 80 million people in the United States. More and more people join credit unions each year and are pleased with credit union service.
Is my money safe?
Federal credit unions are chartered, regulated and insured by the National Credit Union Administration (NCUA). “Deposits insured by NCUA.”
What does it mean for you?
Quite simply, it means peace of mind. Because your money is safe in an NCUA insured credit union.
NCUA – The National Credit Union Administration government that insures a member institution’s deposits if it should fail. Only federal or state chartered credit unions may obtain NCUA insurance, and only if they meet and adhere to the NCUA’s high standards. Should a credit union fail, the NCUA stands ready to reimburse members for their losses.