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Frequently Asked Questions
What is a credit union?
There are about 5,000 credit unions in the United States serving over 100 million people. Like banks, credit unions accept deposits and make loans, and provide a safe place to save and borrow money. But unlike banks, credit unions are not-for-profit organizations, and aren’t driven by making big profits to satisfy shareholders. Instead, credit unions provide:
Better Service & Community Support. Credit unions exist to help their members and actively support the communities they serve.
Favorable Rates. Credit unions generally charge lower fees and interest rates on loans, and offer higher rates on deposits.
Ownership and Security. As a credit union member, you are an owner, not just a customer. Credit unions are democratically run – one member, one vote.
Are deposits insured in a federal credit union?
Yes, a credit union that has been issued a federal charter provides federal deposit insurance through the National Credit Union Administration (NCUA). The National Credit Union Share Insurance Fund was created by Congress in 1970 to insure members' deposits in federally insured credit unions. Administered by the NCUA, the Share Insurance Fund insures individual accounts up to $250,000. Additionally, a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also separately protects members’ IRA and KEOGH retirement accounts up to $250,000 and provides additional coverage for members’ trust accounts. The Share Insurance Fund has the backing of the full faith and credit of the United States. Credit union members have never lost even a penny of insured savings at a federally insured credit union (source: NCUA – https://www.ncua.gov/support-services/share-insurance-fund).
When will the proposed new credit union be open for business?
The Organizing Members recently received approval by the NCUA to move forward with a full new charter application. We are currently seeking funding and expect the new credit union to be operational within 12 months of receiving start-up capital. Please subscribe to our newsletter for regular updates on our progress.
Will the proposed credit union have branches or only offer online/mobile banking services?
We intend to have branch locations as well as mobile and online banking services. Members can also speak with credit union contact center representatives by phone or email, and also have access to shared branch services at other credit unions.
How do I become a member of the proposed credit union?
Please complete the community interest survey HERE. We will add your name to our future membership list and keep you updated on our progress.
How will we use the money we raise?
Proceeds from our fundraising activities will be used for start-up expenses and the regulatory capital we will need to open the doors to our new credit union (the NCUA typically requires minimum capital of $1,000,000).
Thank you for your support!
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