Frequently Asked Questions (FAQ)

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A credit union is a not-for-profit cooperative financial institution owned and controlled by its members.

You do! Credit unions call members’ deposits into their share account “shares”. Each member who buys one share at $5.00 per share in the credit union is a voting member and an owner. No matter how many shares you own, you still have only one vote.

Credit unions belong to their members and are operated solely for their benefit. They exist to provide a safe, convenient place for members to save money and to obtain loans at reasonable rates. Profits are returned to members in the form of reduced fees, higher savings rates, and lower interest rates on loans.

The Credit Union is managed by the Board of Directors and Credit Committee who are chosen by you, from other members like you.

No. You do not have to save. But if none of the members saved there wouldn’t be any money for the Credit Union to lend. Therefore, it is important that every member save regularly – even if it’s just a little.

National Credit Union Administration (NCUA) provides up to $250,000 basic insurance coverage for each member. Members can receive additional coverage for accounts with different ownerships and designees. Please see www.ncua.gov for more information regarding NCUA Share Insurance. Additionally, Credit Union employees are bonded regularly by the State Examiners and a Credit Union Supervisor.

Yes, the Credit Union pays dividends from its earnings of a Credit Union, and we pay competitive dividends.

The fact that you have never had credit would not in itself prevent you from getting a loan at the Credit Union. Loan approvals are primarily based on the applicant’s collateral and ability to repay the loan when due. The Credit Union tries to take a comprehensive look at your financial situation in making its lending decisions. If you feel that you have been wrongly denied a loan, you may appeal the decision to the Credit Committee elected by the members, which will make the final decision.

There is a $5.00 one-time membership fee. Additionally, in order to take out a loan or vote, you must have a $5.00 share in the Credit Union.

Please visit our Membership Eligibility page for information on who qualifies for membership in the Credit Union.