A credit union is just like a bank, right?
Yes and no. A credit union is like a bank, only better. It offers the same types of products and services that banks provide, but also offers many big differences. A bank is a business where the goal is to turn a profit. A credit union is a "not for profit" financial cooperative that is owned by the members.
What does it mean to be a member/owner?
At a bank, you are a customer, but at a credit union you are a member. All credit union members, regardless of the size of their accounts or the amounts they borrow, are entitled to an equal voice in the operation of their credit union. And, credit unions are governed by unpaid, volunteer boards of directors who are elected from and by the membership of the credit union.
Is my money insured?
Of course. Each year, Community Credit Union of Florida's records and business activities are examined by the National Credit Union Administration (NCUA). The NCUA is the independent federal agency that insures the deposits of credit union members nationwide. Managed by the National Credit Union Administration Board, NCUA examines, supervises, and insures both federally and state-chartered credit unions across the country through the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the full faith and credit of the United States government. There are no charges or fees directly assessed to members for this coverage. NCUA provides up to $250,000 basic insured amount. For a detailed account coverage explanation of benefits, click here. For more information about the NCUA, go to www.ncua.gov.
Why should I keep my money in a credit union?
Because you will save money, because you will have a voice in your future, because credit unions directly support the community we live in, and because credit unions are better for your financial security.