How Do I Join a Credit Union?

You have many choices in the financial services industry, but only credit unions have your best interest in mind. As a credit union member, you are an owner of your own financial institution.  Therefore, you enjoy the benefits of low-cost financial services and higher returns on deposits because of the not-for-profit, cooperative structure.

To become a credit union member, you must have a "common bond" with a certain employment group, association membership or a well-defined geographical region. Companies, churches, or other groups generally sponsor credit unions with similar interests. Credit unions also exist for members of certain neighborhoods or communities. Many credit unions extend their membership to the families of current members and select employee groups. Simply ask any organization to which you belong to see if there is a credit union available to you, or click on the "Member Match" link below to determine what credit union(s) you are eligible to join.

Check out Member Match (the Credit Union Membership Eligibility Tool)

History of Credit Unions
The first credit union was founded in the mid-1800's by a German farmer who saw a need for a financial institution that would provide credit to farmers. In 1864, Heddesorf Credit Union was formed and began to assist local farmers with the purchase of livestock and equipment.

By 1900, the credit union concept stretched across the Atlantic to a Canadian who saw the outrageous interest being charged by loan sharks. He organized the first North American credit union whose goal it was to provide relief to the working class. From that point on, the credit union movement spread across North America providing consumer credit at reasonable rates.

In a tradition that dates back to the 1800's, credit unions focus on providing members with quality services and loans - and this tradition continues today.

What Are Credit Union Membership Benefits?
Members benefit from credit unions' not-for-profit structure because the extra earnings are returned to them in the form of higher dividend rates, lower loan rates and new product offerings. In the credit union system, members have ultimate control over their money and the policies of the credit union. Allowing member-owners a vote and a voice in credit union management guarantees that member needs are met first.

How Are Credit Unions Run?
Each credit union member has one vote. Members elect a volunteer board of directors, who set the policies and rates of the credit union. Credit unions hold annual membership meetings to elect new board members.

Who Regulates Credit Unions?
The National Credit Union Administration (NCUA) and the Colorado Credit Union Division regulate Colorado's state-chartered credit unions. Sixty percent of the nation's credit unions operate under a federal charter and are regulated solely by the NCUA.

Are Credit Unions Safe?
There are two primary indicators of a credit union's safety and soundness: its capital-to-asset ratio and the National Credit Union Share Insurance Fund (NCUSIF). On average, credit unions reserve 10 percent of their capital. These funds protect credit union members from unexpected losses.