Unique in the financial world, credit unions are not-for-profit cooperatives, owned and directed by their members. Their goal is to provide a safe place for members to save and borrow at the best possible rates. A bank’s goal is to use their resources to maximize earnings for their stockholders. Their customers are a means to that end.
As a member/owner in a credit union, you have the right to both vote and run for the Board of Directors. You get one vote regardless of how much money you have at the credit union. All directors are volunteers and receive no compensation. This process guarantees that your credit union is looking out for your financial interests.
Credit unions are federally insured by the NCUA and are regulated by federal and state law. Not one penny of insured savings has ever been lost by a member of a federally insured credit union. U.S. taxpayers have never bailed out a federally insured credit union.
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*APR = Annual Percentage Rate *APY = Annual Percentage Yield Rates are subject to change without notice
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