What is a Credit Union?
Credit unions are member-owned, not-for-profit financial cooperatives, organized solely to meet the needs of their members. All "profits" are returned to members in the form of higher savings rates, lower loan rates, and fewer service fees.
Depending on their size and needs of their membership, credit unions offer many of the same services as for-profit financial institutions, including share draft (checking) and savings accounts, auto loans, mortgages, home equity loans, ATM’s, and credit cards. Credit unions make loans only to members.
Your money is safe in a credit union. All credit unions insure member funds up to $250,000. Most are insured by the National Credit Union Share Insurance Fund (NCUSIF), a US government agency comparable to the FDIC that insures banks and S&Ls. NCUSIF is a self-sustaining fund built from credit union deposits, not tax dollars.