What is a Credit Union?
- Credit unions are not-for-profit financial institutions that are owned and controlled by members – consumers like you.
- All credit union deposits are now insured up to at least $250,000, following the passage of the Economic Stablization Act of 2008.
- Consumer deposits at nearly 8,000 credit unions nationwide are insured by the National Credit Union Administration (NCUA) – an agency of the federal government – much the same as the Federal Deposit Insurance Corporation (FDIC) insures banks, and many credit unions provide private deposit insurance for their members.
- Credit unions’ focus on serving consumers helps to keep interest rates on deposits higher, and loan rates and fees lower.
- In addition, a nationwide system of 25,000 surcharge-free ATMs make credit unions convenient for everyone.
- There are nearly ten million members in California and Nevada and more than 90 million nationwide.
- You are probably eligible to join a credit union based upon the community where you live, your employment, school, association, or place of worship.
Becoming a credit union member may be easier than you think!
To locate a credit union that you are eligible to join, click here.