Question 1

What is a credit union?

Accepted Answer

A credit union is a member-owned, not-for-profit financial cooperative that provides banking services to its members. Unlike banks, credit unions return profits to members through better rates and lower fees.

Question 2

How do I know if I can join a credit union?

Accepted Answer

Credit union membership is based on eligibility criteria such as where you live, work, worship, or organizations you belong to. CUQualify helps you discover which credit unions you qualify to join.

Question 3

Are credit unions better than banks?

Accepted Answer

Credit unions often offer better interest rates on savings and loans, lower fees, and more personalized service since they are member-owned cooperatives rather than for-profit institutions.

Question 4

Is my money safe in a credit union?

Accepted Answer

Yes, federally insured credit unions have deposits insured by the National Credit Union Administration (NCUA) up to $250,000, the same coverage as FDIC-insured banks.

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