What does it mean to be a member?

People all over the world belong to credit unions. Because credit unions are not-for-profit financial institutions, their primary focus is serving the financial needs of their members; not for making money.

Typically, credit unions offer higher rates on savings, fewer fees, and lower rates on loans. Still not sold on membership? Here are some things you can expect from credit union membership:

Outstanding Customer Service

Credit unions provide customer service designed to help members grow their savings, pay off debt, and plan for the future.

Voting Rights

Credit unions are democratically run financial institutions providing each credit union member one vote. Members vote on things like fields of membership, who is appointed to the credit union’s board of directors, among other issues at the annual membership meeting.

Credit Unions Are Not-For-Profit

Credit unions are member-owned and operated, not-for-profit organizations. This enables them to fairly price products and services as well as offer competitive interest rates.


As groups with a common geographic area, workplace or other association, members often have shared interests and appreciate participating in an institution designed to help other members.

Shared Income

Credit unions return surplus income to their members in the form of dividends.

Insured Deposits

Credit Union deposits are backed by the NCUA and the United States government. The funds of all federal and most state-chartered credit union members are insured up to at least $250,000 per individual depositor, per federally insured credit union.

Readily Accessible

To join a credit union, you must be eligible for membership. Members of each credit union share a “common bond,” such as being employed by the same employer, belonging to an organization or church, or living in the same community. Some credit unions serve multiple groups with different common bonds. Each credit union determines the specific group or field of membership it will serve, subject to approval of its regulator.