About Credit Unions
A credit union is just like a bank, right?
Not quite. A credit union offers the same types of products and services that banks provide, but under cooperative ownership. This means that the only investors in the credit union are the members who use the products and services. So, the business model is different. The credit union does not have to generate a return to stockholders or private investors. Instead, it must generate enough income and operational efficicency to provide a return to members in a variety of ways: lower loan rates, higher saving rates, dividends, or more services, to name just a few.
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 governance 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 a credit union operates solely to provide services and generate a return for you, the member-owner.