Credit Unions 101
If you are not familiar with Credit Unions and want to find out more, please read the information below.
What is a Credit Union?
A credit union is a not-for-profit cooperative financial institution that provides financial services for its members. Credit Unions are owned by their members and their main purpose is to serve the financial needs of its membership. Because of this mission, credit unions are on the forefront of promoting thrift and providing high value financial products and customer service to its membership.
Reasons to be in a Credit Union
- Lower APR on most loan types, including student loans, mortgages, auto loans and credit cards
- Better rates of return on savings accounts and certificates of deposit
- Low fee or No fee checking accounts and ATM access
- Low or no minimum balances to maintain accounts
- Peace of mind with U.S. Government insured accounts up to $250,000
- Dividends are paid to members, not shareholders
