Credit Unions

Credit unions are financial institutions that are member owned cooperatives. Credit unions are not-for-profits that look to serve their members as the primary duty. Typically, this means that credit unions have better rates, reduced fees, and better service.
Credit unions were first created in Germany in the 1800s. People with a common bond deposited money into a credit union for the purpose of making loans for productive purposes to borrowers based on their character. Prior to this, loans were made by banks to people of wealth. Common people had to rely on high interest loans from loan sharks and pawn brokers. It wasn't until the 1900s that credit unions moved to the western side of the world.

Not for Profit, Not for Charity, But for Service - It’s true! Credit unions are financial cooperatives, owned by the people who use the credit union. Since the focus is on service (not profit), members benefit with lower rates on loans, higher rates on savings, and often pay fewer fees and service charges on the same services offered by other financial institutions.

“People Helping People” - Is more than just a slogan—it’s the way credit unions operate each and every day. Around the world, and here at home, credit unions focus on improving the quality of life for their members, their families, and the community.

You do! As a credit union member, you own your credit union. When you open a share account, you get one share of ownership in the credit union with the right and responsibility to have a say in how it is operated. No matter how much money you have in your account, you only get one share of ownership which equal one vote at the Annual Meeting.

You are entitled to elect, and be elected to, the volunteer Board of Directors, which is comprised of your fellow members. The Board of Directors set policies for the operation of the credit union based on the needs and wishes of the members. The Board of Directors also establish dividend rates, loan interest rates, and fees.

To become a credit union member, you have to meet certain requirements. Typically, these include needing to live, work, or worship in a specific location. This is typically referred to as the Field of Membership.

Most credit unions offer the same products and services as banks. These include mortgages, credit cards, home equities, checking and savings accounts, auto loans, online and mobile banking, and ATMs. These products and services often come with lower interest rates, higher savings rates, lower balance requirements, and better member service. At a credit union you will often find that you get more individualized attention and service.

Shared branching is a network of credit unions that allows members of participating credit unions to perform certain transactions and services at other credit unions that are in the shared branching network. The terms and conditions of shared branching may vary from one credit union to the next, so it is important to talk with your credit union to find out what you can and can not do when utilizing shared branching.

To find credit unions and ATMs that participate in this network, click here.