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What is a Credit Union?
Credit Unions are an essential alternative to for-profit banks.
Credit Unions are unique among financial institutions because they are member-owned cooperatives based on the "people helping people" principle. Credit union members pool their money to help other members financially. Traditionally, loan rates are lower and savings dividends are higher because Credit Unions invest their profits in their members. Each member has an equal vote in director elections, regardless of how much he or she has on deposit.

Though locally operated, Federal Credit Unions are regulated and insured by the National Credit Union Administration (NCUA). Credit Unions are different from banks in other important ways such as:

Credit Unions are Not-For-Profit.
Credit Unions exist to benefit their members, not outside shareholders.

Credit Unions are owned by their Members, Not Stockholders.
Each person who deposits money in a credit union becomes a member of the credit union because their deposit is considered a share of the ownership. Credit Unions are run by a volunteer board of directors elected by and from the membership.

Federally Chartered Credit Unions are Insured by the National Credit Union Share Insurance Fund (NCUSIF).
The NCUSIF is managed by the National Credit Union Administration (NCUA), an agency of the federal government. Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the U.S. Government. Not one penny of insured savings has ever been lost by a member of a federally insured credit union.
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