Why St. Paul Federal Credit Union
St. Paul Federal Credit Union listens to you – our members. Our goal is not only to meet your financial needs, but to exceed them. We provide:
- Great Rates On Savings and Investments
- Free Checking Accounts
- Auto Loans
- Mortgage Loans
- VISA Platinum Rewards Credit Card
- Safe Deposit Boxes
- And Much, Much More
What is the difference between credit union membership and bank customer?
- A credit union is a member-owned cooperative and is dedicated to the principle of "people helping people" philosophy.
- Credit Unions are not-for-profit financial institutions that provide financial services to their members. While banks have "customers," credit unions have "members."
- Credit unions are controlled by their members and each member receives one (1) vote regardless if they have $1 or $1,000,000 in the credit union. This vote gives them the right to vote each year for their elected officials. For example our Board-of-Directors are elected officials.
- Credit Union member deposits are insured by the National Credit Union Insurance Fund (NCUSIF) and backed by the full faith and credit of the United States Government to at least $250,000, just as banks have FDIC insurance.
| Credit Unions | Banks |
| Not-for-profit cooperatives - we return our profits back to our membership in the form of lower loan rates, lower fees and higher dividends. | For profit organizations |
| Member-owned - each member has a share in ownership | Customers have no ownership in their bank |
| Credit union return earnings back to the members through lower loan rates, lower fees and higher savings rates | Banks return back earnings or profits back to their share holders |
| Credit unions are controlled by the member/owners who elect a volunteer Board-of-Directors | Banks are controlled by stockholders who elect paid Board-of-Directors |
| Credit unions serve "common bond" groups such as an industry or employer, religion or those that live in the same geographic area | Banks can serve anyone |
