All About Credit Unions

September 26th, 2019

If you’re a WWFCU member, we’d like to thank you. We also have a question for you … Have you ever really thought about what being a credit union member means?

Sure, in many ways being a credit union member is similar to being a bank customer. You can have checking and savings accounts, get a loan or a credit card, and even open an IRA or money market account. But there are many ways it means more to be a credit union member.

What is a Credit Union?

Credit unions are not-for-profit, member-owned organizations. That means we’re owned and controlled by you, our members. Our board of directors is elected by our members and any profits we make go back into the credit union in the form of lower fees, better rates and more.

Credit Unions vs. Banks

We thought we’d break down the difference between credit unions and banks.

 

  Credit Unions Banks
Purpose For people, not profit For profit
Ownership Members share ownership Customers have no ownership
Decision Controlled by members Controlled by paid officials
Service Service driven Profit driven
Profits Profits go back to members in lower fees, better rates, etc. Profits go to shareholders
Insurance Federally insured by NCUA Federally insured by FDIC


Who Can Join?

Anyone can become a bank customer, but the ability to join a credit union is based on what’s called a field of membership. More often than not, most credit unions’ field of membership requirements are so broad that you can join. In general, it’s based on your:

  • Employer– A lot of employers sponsor their own credit unions
  • Family– You can usually join a credit union if you have a close family member that belongs
  • Location– If you live, work, worship, go to school or volunteer in a geographic location, you can join specific credit unions
  • Groups– This is based on if you are part of a community group, school, place of worship or even homeowner’s association.

Click here to view WWFCU’s field of membership.

Perks of Membership

Oftentimes, credit unions like WWFCU offer special discountsor free financial counseling to help their members. Credit unions are also known to look at more than a credit score when approving loans. We look at the whole picture when a member applies, so we have more flexibility in approving loans compared to banks. And don’t forget the previously mentioned lower fees and better rates!

If you have any questions on being a WWFCU member, stop by our branch or speak to a Member Service Specialist at (734)721-5700.

Share Button
Moving Towards Your Financial Success!
Member Service: (734) 721-5700