What purpose do corporate credit unions serve?
Corporate credit unions exist to serve the interest of their members. Corporate credit unions are the obvious choice for natural person credit unions, dedicated to credit unions.
Back to Top
How can doing business with Corporate America Credit Union benefit your credit union?
As a member of Corporate America Credit Union, you are an owner. Through your membership, your credit union is able to take advantage of products and services tailored to meet your financial needs as well as your members' financial needs. Specifically, by taking advantage of our products and services, your credit union is able to better manage your cash, increase earnings, reduce expenses and simplify operations.
Back to Top
What types of financial products and services are offered by Corporate America Credit Union?
Corporate America Credit Union offers a large array of financial products and services including: investment options, compliance solutions, foreign services, electronic services, debit and ATM transactions processing, item processing, small business services, and much more. For more information, please visit the Products and Services section of our website.
Back to Top
What are the requirements of membership at Corporate America Credit Union?
Membership is determined by election of the Board of Directors, or by a membership officer duly appointed by the Board of Directors, and by purchase of one or more shares.
Back to Top
What is the difference between Corporate America Credit Union and banks?
Corporate America Credit Union's only customers are member credit unions. Unlike banks we provide support for credit unions only, through each of our products and services.
Back to Top
What’s a Credit Union?
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
Back to Top
Who owns a credit union?
Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn't operate in that manner. Rather, each credit union member owns one "share" of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
Back to Top
How did credit unions start?
The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.
Back to Top
What is the purpose of a credit union?
The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.
Back to Top
Are savings deposits insured?
Yes. All savings accounts are insured up to $100,000 by the NCUSIF, the National Credit Union Share Insurance Fund, an agency of the federal government.
Back to Top
Who can join a credit union?
A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a "field of membership." The field of membership may include where they live, where they work, or their membership in a social or economic group.
Back to Top
