Look past bricks and mortar to see— the credit union difference. Bricks and mortar don't distinguish institutions, their purpose and actions do. While credit unions and banks offer a full range of financial products, structurally they are completely different. Luckily, that difference translates into a wealth of benefits to CFCU credit union Members and their family members. Here's How:
• Governa
nce— Credit unions are locally owned by the members who do business with them, not stockholders. Credit union members elect the board of directors from among the membership. A credit union board looks out for members' best interests, not just maximizing the bottom line.
• Purpose— Not-for-profit credit unions exist solely to meet the financial needs of their member owners. Because they have no stockholders expecting dividends, earnings are invested in members in the form of more competitive rates of return on accounts, lower interest on loans, lower fees and improved services. A credit union's primary concern is its members' success.
• Member Benefits— Money made by a credit union is invested in members. Whether through competitive product pricing - which helps working people stretch their money farther - or by offering services members may not be able to get somewhere else. Credit unions treat all members equally regardless of how much they have on deposit. They also make loans considered "too small" for profit-driven institutions. Finally, credit unions provide financial counseling, educational seminars and more opportunities that for-profit institutions often see as a drain on resources better put toward profit making.
• Values— Credit union values aren't in profits; they're in people. And that translates to significant contributions within the communities we serve.
• Membership Eligibility. People qualify for a CFCU membership through their employer, organizational affiliations like churches or social groups, or certain communities where they live work or worship. Please call us to see if you qualify for membership. CFCU is federally insured to at least $250,000 and backed by the full faith and credit of hte United States Government by the National Credit Union Administration (NCUA), A U.S. CFCU is a Equal Housing Lender
