Q: What is a credit union?
A: Credit unions are full-service financial institutions that can help you realize all your financial goals. Account holders have access to the same products, services and benefits that are offered by other financial institutions like banks. Where credit unions differ is that they are not-for-profit financial cooperatives owned by, and operated for, the benefit of the account holders they serve.
Q: Is my money safe in a credit union?
A: Yes. Individual accounts are insured up to $250,000, and an account holder’s interest in all joint accounts combined is insured up to $250,000. Credit unions have the latest security to keep your funds safe and available.
Q: Is it easy to access your money in a credit union?
A: Yes. You can access your money wherever you are, through mobile banking and ATM networks worldwide. Credit unions have what you need so you can get cash, pay your bills, and transfer funds quickly and conveniently.
Q: Why do people choose credit unions over traditional banks?
A: Credit unions don’t answer to outside shareholders and, instead, give earnings back to their account holders through benefits like higher returns on savings, lower loan rates, added services, and fewer fees. Credit unions provide an average of $13.3 billion in total financial benefits directly back to account holders across the country.
Q: Can anyone join a credit union?
A: Yes. There is a credit union for everyone. You can qualify to join a credit union based on things such as where you live, work, worship, or go to school. – – Each credit union has its own guidelines (a specifically defined group of people they serve).
Q: How do credit unions benefit the community?
A: Credit unions take a holistic approach to the financial well-being of their account holders and the community. Because they operate as a not-for-profit organization, they put all income back into the credit union. They provide education for account holders, volunteering for the community, and affordable loan access to new businesses.