Credit unions are not-for-profit financial cooperatives owned by members like you!
We don't answer to Wall Street investors or worry about generating returns for stockholders. Credit unions are invested in local communities and local businesses – not in the stock market. Our interest is providing high-quality services and products to our members at the most affordable rates possible. That’s why we return any gains to you through lower interest rates on loans and higher rates on savings.
Credit Unions are federally insured for up to $250,000 through NCUA, very similarly to the FDIC insurance banks provide. So, your money is safe.
While banks are governed by paid shareholder, credit unions are governed democratically by volunteer board members. Where votes can be based on the number of shares held at a bank, each member receives one vote at credit unions. These votes help to ensure that the credit union is always looking out for the best interest of the member. And that is what the credit union model affords you- protection of your hard earned dollars, fair treatment with greater options for your finances, and peace of mind that you belong to a financial institution who is actively making positive changes in the community you live and work in.
Thank you for being a member of Credit Union of America.