Saving To Meet Your Goals
A Credit Union is a non-profit financial cooperative designed to promote thrift (savings) and provide credit at a reasonable cost to many. As a non-profit entity, a Credit Union is tax-exempt, which helps it maintain its legacy as, "The Low Cost Lender". When a Credit Union realizes a profit, it must be reinvested into the Credit Union. This, in turn, leads to higher dividend rates on savings and lower interest rates on loans.
At a Credit Union, you are more than just a customer or client; you are a member and owner. Each member receives a vote to elect a volunteer board that sets the policies. Credit Unions are created by people with a common bond, whether it be occupational or geographical.
The National Credit Union Administration (NCUA), a federal agency, has been the insuring body for Credit Unions for over 25 years. In that 25 years, the NCUA has never used funds from taxpayers to "bail out" a Credit Union. LLCU provides an additional $250,000 of deposit insurance coverage on top of the $100,000 NCUA average. This coverage has become available through the addition of excess share insurance coverage from the Excess Share Insurance Corporation (ESI).
Credit Unions today are often full-service financial institutions offering the same services as most large banks. However, Credit Unions always remain focused on their mission of people helping people.
