What is a Credit Union?
A credit union is a state or federally chartered, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned; controlled by a volunteer board of directors, who is elected by the membership; and overseen by a supervisory committee, also comprised of volunteers. The result: a safe, convenient place to save and borrow, which exists to benefit members, not to make a profit.
What is the purpose of a credit union?
The primary purpose of a credit union is to encourage members to save money, and to offer credit to all credit-worthy applicants. Because we don't pay profits to stockholders, we are able to keep our interest rates and fees lower than traditional financial institutions, and return earnings to our members in the form of dividends and improved services.
How is it different than a bank?
Whereas most financial institutions are owned by profit-oriented stockholders, a credit union is owned by its members. When you open a share (savings) account, you own one "share" of the credit union, the same as every other member. As an owner, you have a voice - you are eligible to vote on important issues, such as electing the board of directors.
Who is eligible for membership?
Membership in a credit union is limited to those people who share a common bond. At Morrisons Cove 1st FCU, membership is open to all employees of businesses and members of churches or associations who belong to our Select Employee Group, our "SEG List", on an equal opportunity basis.
What if my employer or church isn't on the Select Employee Group list?
Talk to the leadership at your business, church, or association and encourage them to join our SEG List. The process is easy and there is no cost or risk to the business or group.
Are members of my family eligible to become members of the credit union?
Absolutely! Your spouse, children, siblings, parents, grandparents, and grandchildren, including stepchildren, stepparents, stepsiblings and adopted children are eligible to become members of the credit union and use all the services we provide.
How much does it cost to join?
There is no fee to join. If you are eligible for membership, the only requirement is that you open a share (savings) account with a minimum deposit of $5. That's it!
Can my membership expire?
Once you become a member, you may remain a member for life, and we encourage you to do so, because the credit union's most valuable asset is YOU!.
Are my savings insured?
Yes. Your savings are federally insured up to $250,000 by the NCUA, the National Credit Union Administration, and backed by the full faith and credit of the United States government. Read the brochure, Your Insured Funds, for more information.