What is a Credit Union?

A credit union is a cooperative financial institution, owned and operated by its members. A volunteer board, elected by the members, manages the credit union's ongoing affairs. Credit unions are not-for-profit, and exist to provide a safe, convenient place for members to save money and to get loans at reasonable rates. The National Credit Union Administration (NCUA), an agency of the federal government, insures deposits of credit union members up to $250,000.

A federal credit union is a financial cooperative chartered by the federal government and owned by its members. Federal credit unions offer members a safe place to save and borrow at reasonable rates. Surplus income is returned to members in the form of dividends. Federal credit unions are chartered, supervised, and insured by the National Credit Union Administration (NCUA), an agency of the federal government.