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About Credit Unions
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Overall, 2 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.
The Credit Union National Association estimates that Minnesota credit unions provide $141 million in direct financial benefits to members last year. These benefits are equivalent to $71 per member or $149 per member household. |
Credits Unions are Working for Minnesota
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No matter what life brings, Minnesota’s credit unions have always been there to help strengthen the financial lives of individuals, families, and businesses across our state. Credit unions are not-for-profit financial cooperatives owned by and operated for the benefit of members they serve. Stronger Credit Unions make Stronger Communities.
This is why credit unions embrace their role in ensuring economic prosperity and fairness for everyone, including addressing the systematic socioeconomic disparities and inequalities in our communities. |
Minnesota Credit Unions are...
Member-owned: A credit union is a not-for-profit financial cooperative owned and controlled by the people, or members, who use their services.
Not for profit: Unlike banks and other financial institutions, credit unions return profits to members - not to shareholders - in the form of fewer fees on services, lower rates on loans, higher returns on savings and personalized service.
Insured: 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.
Accessible: Because of the collaborative nature of credit unions, most members can use a nationwide network of over 30,000 surcharge-free ATMS and 7,000 shared service centers.
That's the credit union difference.
Not for profit: Unlike banks and other financial institutions, credit unions return profits to members - not to shareholders - in the form of fewer fees on services, lower rates on loans, higher returns on savings and personalized service.
Insured: 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.
Accessible: Because of the collaborative nature of credit unions, most members can use a nationwide network of over 30,000 surcharge-free ATMS and 7,000 shared service centers.
That's the credit union difference.
There's a Credit Union for Everyone in Minnesota
Members of credit unions share a common bond, also known as a field of membership. This unique aspect of credit unions helps personalize a credit union’s benefits and services to their specific members.
A field of membership can be defined by:
To find the right credit union for you, visit YourMoneyFurther.com
A field of membership can be defined by:
- Many credit unions service anyone that lives in a defined geographic area such as a specific county or region.
- Companies sponsor credit unions as a benefit for employees; and some credit unions are organized for special trade groups - like aviation or healthcare workers.
- Membership in a group such as a place of worship, school, labor union or homeowners’ association may qualify you to join a credit union. And, most credit unions encourage members families to join.
To find the right credit union for you, visit YourMoneyFurther.com
Credit Unions Power the Economy:
- Money from members saving and borrowing at credit unions stays in the state.
- Economic contributions of Minnesota credit unions drove a $3.1 billion impact on the Minnesota economy.
- Credit unions helped local small business and entrepreneurs with more than $2 billion in Member Business Loans in 2018.
Credit Unions Give Back to their Communities
They invest back into the community they are part of by providing financial education, scholarships opportunities and service projects:
- 10 school credit union branches provide money management and career skills for students.
- Credit unions cooperatively provided scholarships through the Minnesota Credit Union Foundation Scholarship Council.
- For CU FORWARD Day, 4,000 volunteers representing 58 credit unions and partners completed 20,000 hours on a traditional bank holiday.
(Sources: CUNA Economics and Statistics 2019, NCUA)
