If you live, work, worship or do business in St. Paul or downtown Minneapolis you qualify for membership. Membership is also open to employment groups including Local 110 Electricians and United States Federal Employees and their families, plus many more organizations.
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.
|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|