Frequently asked questions

Yes. Credit unions belong to networks with tens of thousands of ATMs from coast to coast. The credit union you join will have more information about ATM locations, shared branches, and digital and mobile banking.

Generally, credit unions offer better rates than banks overall. The National Credit Union Administration publishes the most recent interest rates. Keep in mind that rates near you will vary from institution to institution, and they fluctuate often.

Credit union profits really do come back to you in the formof better rates and service. According to the Credit Union National Association, credit unions provided over $12.9 billion indirect financial benefits to their members next year.

Credit unions are designed to be involved with the community and offer personalized service. See what Consumer Reports has to say about credit union customer service.

Although the field of membership at each credit union does limit who can join, credit unions as a whole have memberships available for just about everyone. You may be able to join because of who your employer is, where you live, groups you’re a part of, or if you have family who belongs to a credit union. Sometimes becoming a member can be as simple as joining a club or making a $5 donation to a charity.

The reported potential credit union memberships in the United States is 3,845,494,717 (National Credit Union Administration, March 2019).  Credit union Fields of Membership have considerable overlap which gives consumers a wide range of credit unions to choose from to meet their financial needs.  

According to the Credit Union National Association, 115 million Americans are credit union members.

Credit unions are member-owned and not-for-profit. While they do not pay federal income taxes because of their organizational structure, they do pay many local, state, and federal taxes. In addition to this:

  • Collectively, credit unions pay more than $20 billion in taxes annually
  • If credit unions paid federal income taxes, the annual revenue would be enough to operate the U.S. Government for 4 minutes. 
  • Several independent researchers have found thatcredit unions have a moderating influence on bank pricing: raising bank depositinterest rates and lowering bank loan rates. Based on this research, CUNAestimates that bank customers saved $4.6 billion in 2018 from more favorablebank pricing arising from the presence of credit unions in their local markets.Since 2007, those nonmember financial benefits have totaled approximately $39.4billion.