What’s a Credit Union?
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
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Who owns a credit union?
Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn't operate in that manner. Rather, each credit union member owns one "share" of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
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What is the purpose of a credit union?
The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.
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Are savings deposits insured?
Yes. All savings accounts are insured up to $100,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.
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Who can join a credit union?
A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a "field of membership." The field of membership may include where they live, where they work, or their membership in a social or economic group.
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Why can I only see a few transactions in Home Branching, where did they go?
In order to make your transaction history download quicker, we enabled a feature that divides transactions by month. Thus allowing you to only see one month at a time, rather than loading all of your transactions, yet still have the ability to look back further.
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How can I view prior months transactions on Home Branching?
Above the transaction history is a drop-down box with months listed in it. You can view any of those months by first selecting if from the drop-down box and then by clicking the "show transaction" button.
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How come no transactions are appearing in Home Branching?
More than likely it is a new month and you do not have new transactions from the current month. Select the previous months from the drop-down box and then click on the "show transactions" button to see the most previous transactions.
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Can I select multiple months transactions in Home Branching?
You can only view one month of transactions at a time.
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Can I view a month of transactions that is not listed in the drop-down box in Home Branching?
The months of transactions that are listed are all you can view.
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