What is a Credit Union?
A credit union is a not-for-profit, member-owned financial cooperative that is focused on serving their members. Earnings are returned to members in the form of lower loan rates, higher interest (dividends) on deposits, lower fees, and development of new products and services that members have requested.
At CCU, we're committed to saving our members money each and every day and we pride ourselves on providing better service than anywhere else in the world!
Credit unions have broadened their product lines from the savings and short-term loan products that were once the only offerings of a credit union. Today's credit unions easily compare to banks in the type of products and services they offer.
Here at CCU, we offer a full range of checking, savings, certificate, and money market accounts, along with auto loans, mortgages, home equity loans, car buying service, Investment Services, Insurance Agency, and Business Services. We also provide full 24/7 access to your accounts with electronic delivery systems such as FREE Home Banking, Bill Pay, Online Deposits, and D.A.D. (Dial Accounts Direct).
JOIN US! In recent years, the National Credit Union Administration (NCUA) has allowed credit unions to expand their membership to allow more individuals and businesses to join a credit union.
If you or a family member work for one of our member groups, or if you live, work, worship, or attend school in one of our community areas, you are eligible to join CCU!
Credit Unions and Banks: A Comparison
| Credit Unions | Banks |
|---|---|
| Not-for-profit cooperatives; focused on serving their members with no- or low-cost products and services | For-profit business; focused on generating profit |
| Owned by their members | Owned by their stockholders |
| Earnings are returned to members | Profits are paid to stockholders |
| Democratically controlled; each member has one vote in the election of board members, regardless of how much money they have deposited in the credit union | Only stockholders have voting privileges, based on the amount of stock owned |
| Deposits are federally insured to at least $100,000 and retirement deposits to at least $250,000 by the National Credit Union Administration | Deposits are federally insured to at least $100,000 by the FDIC, a government agency |
