Blog
CU Profile: New Orleans Firemen’s Federal Credit Union
Learn more about the credit union’s mission and field of membership, and how you can join.
Credit Union Field of Membership Explained
Learn about the different credit union charter types and how they determine who is elligible to join a specific institution.
What Is a Credit Union?
Like banks, credit unions provide financial services including loans and deposits to consumers. Unlike banks, which are owned by shareholders, credit unions are owned by their depositors - and operate not-for-profit. Members pool resources creating opportunities for better rates and more competitve lending. Credit Unions march to “the credit union philosophy” of members helping members.
Bank Failures Offer Reminder of Credit Unions’ Soundness, Reliability
How to keep your money safe in the wake of two major bank collapses.
Credit Unions That Don’t Use ChexSystems
Discover which institutions will allow you to open an account without consulting the consumer credit reporting agency, and how you can join them.
How Joining a Credit Union Can Help You Avoid Payday Lenders
Many credit unions offer members access to far more reasonable options for short-term credit.
Industry Update: Two Credit Unions Pay Out Member Dividends, Banks Accused of Wrongdoing
A roundup of recent events underscoring how credit unions work for their members, while banks focus on their investors.
What’s the Difference Between a Credit Union and a Bank?
Credit unions vs. banks—how the two financial institutions differ and why only one is built entirely for its members.
Understanding Credit Union Terminology
A glossary of terms to help you better understand credit unions and how they work.
How Does a Credit Union Work?
Credit unions operate much like banks offering many of the same financial services. At your local credit union, you may open a checking or savings account or get a car loan and at many credit unions get a mortgage.
What Are the Benefits of a Credit Union?
Because credit unions are nonprofit organizations, they can keep their earnings to benefit members. The credit union can use that money in many ways. For example, some credit unions pay an annual dividend check.
Who Can Join a Credit Union?
There’s a credit union for everyone. Membership requirements may vary from credit union to credit union. Requirements are often based on where you live or work.
How Do I Join a Credit Union?
To join a credit union, you first need to satisfy their membership requirements. Most credit unions describe their rules on their "About Us" web page.
How Much Does it Cost to Join a Credit Union?
Being a credit union member doesn’t “cost” anything. But there are deposit account minimums to be met. Becoming a member of a credit union usually requires a small deposit of $5 – $25.
Why Do Credit Unions Have Better Rates?
Because credit unions are non-profit entities; they don’t pay state and federal taxes. This saving allows credit unions to provide low-interest rates on loans.
Is My Money Insured at a Credit Union?
You’ve heard of FDIC insurance – Federal Deposit Insurance Corporation. This is the insurance that banks will have. But does FDIC insurance apply to credit unions? The National Credit Union Administration (NCUA) insures credit unions.
How Do I Find a Credit Union?
Finding a credit union starts by answering a few questions here. Your information will be kept secure and used to help find the credit unions that you uniquely match membership requirements to.