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|Minnesota's Credit Unions|
Overall, more than 1.6 million Minnesota consumers are member-owners of the state’s credit unions. As not-for-profit financial cooperatives, credit unions, on average, offer higher savings rates, lower loan rates and have lower and fewer fees, compared with other financial institutions, providing more than $114 million in direct financial benefits to the state’s credit union members.
What is a credit union?
A credit union is a not-for-profit financial cooperative. Unlike banks and other financial institutions, credit unions return profits to members in the form of fewer fees on services, lower rates on loans, higher returns on savings and personalized service.
Who belongs to credit unions?
Credit unions serve a common field of membership based on characteristics like a geographical area, employee groups, or membership in an organization. Becoming a member is simple and easy. BECOME A MEMBER.
Who owns a credit union?
The democratic nature of credit unions allows all members to have an equal voice. Each person who deposits money in the credit union has a share of ownership, and these members elect the Board of Directors that controls the credit union.
Safe, sound & secure.
The National Credit Union Administration insures federal credit union deposits up to $250,000 per individual depositor, the same as FDIC protection for bank account.
Credit unions benefit communities & members
Credit unions have repeatedly proven that their philosophy of “people helping people”is an everyday way of doing business.