Frequently asked questions

Credit unions are here for you – today and for your future. Individual accounts are insured up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. Credit unions have the latest security to keep your funds safe and available.

Yes. You can access your money wherever you are, through mobile banking and ATM networks worldwide. Credit unions have what you need so you can get cash, pay your bills, and transfer funds quickly and conveniently.

Credit unions’ People Helping People philosophy puts members first. They don’t answer to outside shareholders and instead give earnings back to their members through benefits like higher returns on savings, lower loan rates, added services, and fewer fees. In 2019, credit unions provided $13.8 billion in total financial benefits directly back to consumers across the country.

The National Credit Union Administration publishes the most recent interest rates. Keep in mind that rates near you will vary by institution, and they fluctuate often.

Credit unions also support their local communities through work such as offering financial education, serving underserved populations, volunteering, and contributing to community initiatives.

Yes. There is a credit union for everyone. You can qualify to join a credit union based on things such as where you live, work, worship, or go to school, and membership in a club or association. Each credit union has its own “field of membership” (a specifically defined group of people they serve). You just need to find one for you.

According to the Credit Union National Association, 133 million Americans are credit union members.

Not-for-Profit. Credit unions return earnings to members in the form of higher interest rates on savings products, lower interest rates on loans and credit cards, and added services. Some credit unions even distribute dividends to members.

Member-Owned and Operated. A credit union’s board of directors is elected by the members, and each member has an equal vote.

Better Service. Members are the owners, so credit unions place a heavy emphasis on excellent customer service, financial education, and community involvement. See what Consumer Reports has to say about credit union customer service.

Accessible. Credit unions offer mobile banking and large, robust ATM and branch networks that make it easy for members to access their money anytime, anywhere.

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, several independent researchers have found that credit unions have a moderating influence on bank pricing raising bank deposit interest rates and lowering bank loan rates. Based on this research, CUNA estimates that bank customers saved $4.6 billion in 2018 from more favorable bank pricing arising from the presence of credit unions in their local markets. Since 2007, those non-member financial benefits have totaled approximately $39.4 billion.

Collectively, credit unions pay more than $20 billion in taxes annually.