WHAT IS A CREDIT UNION?
Members are united by a common bond of association (also known as a field of membership), and democratically operate the credit union. Credit unions can be chartered by the federal or state government.

As of August 2010, there are more than 7,700 credit unions in the United States. About 457 of these are in California and 23 in Nevada. Of the more than 91 million credit union members nationwide, more than nine million are in California and more than 410,000 are in Nevada.

What Makes Credit Unions Unique? What are the advantages of being a member?
In credit unions, the members are the owners. So therefore, the benefits of ownership flow back to them, usually in the form of better rates on deposits or loans and better service. Regardless of their size or field of membership, credit unions are different than for-profit financial institutions in many ways:

• Credit unions exist solely to serve their member-owners, who are the only depositors. Banks and other financial institutions exist to make money for their stockholders, not for their depositors.
• Surveys repeatedly show members are more satisfied with the service they receive from their credit union than customers of banks or savings and loans are with their institutions.
• Because credit unions are democratic, member-owned cooperatives, members have the power to direct credit union policy. Credit union elections are based on a one-member, one-vote structure. This structure is in contrast to for-profit, public companies where stockholders vote according to the number of shares they own.
• Their nonprofit status enables credit unions to operate at a lower cost than many for-profit institutions and helps them to offer competitive loan and savings rates.

What Services Are Offered By Credit Unions?
Credit unions offer a large range of services, depending on the services members demand. They can range from a "plain vanilla" credit union that only offers shares (deposits) and loans, to a full-service credit union that serves as its members' primary financial institution.

Some credit unions also offer share certificates, financial planning, individual retirement accounts, mutual funds, auto loans, signature loans, home equity loans, home mortgage loans, small business loans, share drafts (checking accounts), credit cards, and ATM and debit cards.

Are Credit Unions Safe?
Like other financial institutions, credit unions are closely regulated. Historically, they have operated in a very prudent manner. The National Credit Union Share Insurance Fund (NCUSIF), administered by an agency of the federal government, insures deposits at all federal and many state credit unions nationwide. Deposits up to $250,000 per account are insured. Likewise, deposits are insured for $250,000 or more in state-chartered credit unions covered by private insurance programs. Not one penny of any insured savings has ever been lost by a member of a federally insured credit union.

Can Anyone Join A Credit Union?
Members of each credit union must share a "common bond," such as the same workplace, church, fraternal organization, or neighborhood. For information of what credit unions you are eligible to join, go to findacreditunion.com.