What’s a Credit Union?
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a volunteer board of directors elected by the membership. The board also establishes and revises policy and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at exceptional rates at an institution which exists to benefit them, not to make a profit.
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Are savings deposits insured?
Yes. All deposit accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government. Individual Retirement Accounts are insured to $250,000. The brochure "Your Insured Funds" can be found at the credit union or on NCUA.gov for additional information and examples.
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How did credit unions start?
The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.
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