CRI Home Page > About Credit Unions
Not for Profit, But for People
A
credit union is a not-for-profit financial institution owned and
controlled by the people who use its services. These people are members.
Credit unions serve groups that share something in common, such as
where they live, work, or go to church. These groups make up a credit
union's field of membership. Credit unions exist to provide a safe,
convenient place for members to save money and to get loans at reasonable
rates. Like other financial institutions, credit unions are closely
regulated. And they operate in a very prudent manner.
The National Credit Union Share Insurance Fund
administered by the
National Credit Union
Administration, an agency of the federal government,
insures deposits of credit union members at more than 9,000 federal
and state-chartered credit unions nationwide. Deposits are insured
up to $100,000.
Not Your Average Financial Institution
What makes a credit union different from
a bank or savings & loan?
Credit unions, like banks, accept deposits and make loans - but unlike
banks, credit unions are in business to help people. Banks and savings & loans
are owned by groups of stockholders whose interests include earning
a healthy return on their investments.
Read how credit unions are investing in their communities
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- The numbers have been crunched and the results are in. Michigan credit union staff educated more than 40,000 youngsters and young about personal finance during the 2006-07 school year, according to the Credit Union Network's National Youth Involvement Board (NYIB).
- When it comes to selecting a financial institution, the characteristics that define a credit union--good customer service, low fees and good loan rates--are significantly more important to consumers than financial sophistication and product array, attributes typically associated with banks.
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