What is a Credit Union?

People helping people. That’s what credit unions are all about.

Like other financial institutions, credit unions offer a complete range of financial products and services. Unlike the others, credit unions are not-for-profit and cooperative—owned by their “members” (customers). So when you join a credit union, you own a piece of it. You get a vote and a say in how it’s run.

Because credit unions don’t exist to make a profit, their number one concern is not money. It’s people—the people who own them. Practically, that translates into great rates, low fees…and exceptional service.

Credit union eligibility is determined through an established “common bond.” That common bond could be where you live, work, worship or go to school, just to mention a few. Each credit union’s common bond is different.

With hundreds of credit unions across New York State, you’re bound to find one that’s open to you. Finding “your” credit union is as easy as clicking here. You can also find out more about credit unions via the links below:

• Is my money safe in a credit union?
• How are credit unions different from banks?
• How can I find out if I qualify?
• What services do credit unions offer?

Is my money safe in a credit union?

It’s every bit as safe as in banks. The federal government’s National Credit Union Share Insurance Fund (NCUSIF) states that your savings are federally insured to at least $100,000, just as the FDIC does for banks.

How are credit unions different from banks?

Credit unions’ core values and structure are very different from those of banks. As a member, you’re not just a customer; you’re an owner, with a say in the future course of the credit union. Plus, credit unions’ not-for-profit status means that all earnings are returned to the members in the form of great rates and low fees. Banks, on the other hand, exist to make a profit for shareholders, so their definition of success is different.

Credit unions also give members the chance to get involved. The board of directors is made up entirely of volunteers, as is the supervisory committee (which audits the credit union’s books). As a volunteer, you can be a driving force in your credit union.

How can I find out if I qualify?

Your chances of qualifying are very good: hundreds of credit unions currently operate across New York State, with varying common bonds, some of which are community based credit unions. Use our CU Locator to find credit unions for which you might be eligible.

What services do credit unions offer?

While their values and structure are different from those of banks, credit unions offer just as wide a range of services. Among New York’s credit unions, you’ll find:

• Savings accounts
• Checking accounts—also called “share draft accounts”—often with no service fees or minimum balances
• Mortgages and other loans with affordable rates
• Payroll deduction
• Direct deposit
• ATMs
• IRAs
• Insurance plans
• Electronic tax filing
• Financial planning
• Credit and debit cards
• Brokerage services
• CDs (called “share certificates” in credit unions)
• And more..