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| What's A Credit Union |
A Federal Credit Union is a nonprofit, cooperative financial institution owned and run by its members. Organized to serve, democratically controlled credit unions provide their members with a safe place to save and borrow at reasonable rates. Members pool their funds to make loans to other members. The volunteer Board of Directors establish the policies of the Credit Union. All Directors are elected by the members of the Credit Union. (NOT FOR PROFIT, NOT FOR CHARITY, BUT FOR SERVICE IS OUR CREDIT UNION MOTTO.)
Credit unions are not new. Originating in Europe, credit union history began in this country when the first credit union was formed in Manchester, New Hampshire, in 1909. Today, over 12,000 credit unions with $316 billion in assets serve 70 million people in the United States. More and more people join credit unions every year and they are pleased with the service. Credit unions are rated No. 1 in customer satisfaction according to the American Banker Newspaper's annual customer satisfaction survey.
To join a credit union, you must be eligible for the membership. Each institution decides who it will serve. Most credit unions are organized to serve people in a particular community, group or groups of employees, or members of an organization or association. |
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