Family in the living room

What is a Credit Union?

A credit union is a nonprofit financial institution organized to provide checking and savings accounts, loans and other financial services to its members. Credit unions are democratically owned and controlled institutions based on “people helping people” principles. It is both owned and controlled by its members, with each member having an equal vote and the opportunity to serve on the board of directors. Credit unions are either state or federally chartered. FSU Credit Union is state-chartered, and supervised by a state regulatory agency. The National Credit Union Administration supervises those with federal charters.

FSU Credit Union specializes in “Maximizing Members’ Financial Well-Being,” not to earning a profit for stockholders. We provide financial products and services for individuals and businesses in the FSU Community.

What Membership Means

Members elect credit union boards of directors; each member has an equal vote, regardless of how much he or she has on deposit. Only members may serve as directors, and directors serve without compensation. Credit unions have no outside stockholders, so after reserves are set aside, earnings are returned to members in the form of higher dividends on savings, lower loan rates and low cost services.

Membership Benefits

FSU Credit Union offers very competitive rates on everything from savings accounts to auto and home loans, in part because we are a nonprofit agency with no investors to satisfy. We also have lower marketing costs and overhead than commercial institutions. Thus, we can pay our members above-average rates on deposits and charge below-average rates on loans and credit cards.

Is My Money Safe?

Although credit unions generally pay higher rates on savings accounts and other types of investments than banks, those higher rates don’t necessarily translate into higher risk. That’s because virtually every credit union across the nation has federal deposit insurance. Just like FDIC insurance at banks, savings are insured to at least $250,000. The federal insurance safety net at credit unions is provided by the National Credit Union Administration (NCUA), a U.S. Government agency. Additionally, the credit union insurance (just like the FDIC) is backed by the full faith and credit of the United States government. In fact, no one with their savings at a federally insured credit union has ever lost a dime of their savings.

For more information, please contact us at 877-GO-FSUCU or access the National Credit Union Association’s web site at www.ncua.gov and click on share insurance for details on share insurance.

Join Today

Maximizing your financial well-being by becoming a member of FSU Credit Union is easy! If you’re within our field of membership, you can apply now or download and complete the application below, then bring it by one of our eight branch locations.