What is a Credit Union?
Credit unions are member-owned not-for-profit financial cooperatives
dedicated to improving members' lives. More than 86 million members
own 9,000 U.S. credit unions. Any excess earnings that the credit union makes
are returned
to members in the form of better rates and services. Stockholders
own banks. Banks make money for stockholders, not for members.
Credit unions are the only democratically controlled financial institutions
in the U.S. You and other members elect a volunteer board of directors
to oversee the credit union. The manager or president/chief executive
office reports to this board. Bank directors, however, are paid and
legally bound to make decisions that benefit stockholders, not members.
How can I join a credit union?
There are several ways to join a credit union. The most common is
through your place of work. Over 80 percent of the credit unions in
the United States serve members with an occupational common bond.
Talk to your employer to find out if there is a credit union that
serves your company or organization. There are also many church based
and community credit unions for which you may be eligible.
Finally, most credit unions also offer family membership. If you are
interested in finding a credit union you are eligible to join —
try our credit union search page — MD
and DC Credit Union Search.
Maryland
and District of Columbia Credit Union Association
8975 Guilford Road, Suite 190 • Columbia, MD 21046 phone: (800) 492-4206 • fax: (410) 290-7832
