WHAT IS A CREDIT UNION?

Becoming a credit union member may be easier than you think! To locate a credit union that you are eligible to join, click here.

• Credit unions are not-for-profit financial institutions that are owned and controlled by members - consumers like you.
• You are probably eligible to join a credit union based upon the community where you live, your employment, school, association, or place of worship.
• Credit unions' top priority is serving consumers, unlike other financial institutions that focus on making a profit for shareholders.
• Credit unions provide benefits in the form of lower loan rates, higher interest rates on deposits, and lower fees.
• Credit union deposits are insured, and a nationwide system of 25,000 surcharge-free ATMs makes them convenient for everyone.
• There are more than 10 million members in California and Nevada and nearly 90 million nationwide.

For almost a century, California and Nevada credit unions have provided a full range of services to meet the financial needs of working men and women. These services range from checking and savings accounts to automobile and home loans, and are often available at better rates than you will find at other financial institutions.

With nearly 600 credit unions in California and Nevada and about 9,000 throughout the country, there is most likely a credit union located nearby in your community.

Find a credit union now!

THE DIFFERENCE BETWEEN CREDIT UNIONS AND BANKS

Credit Unions	Banks
Not-for-profit	Profit-oriented
Returns profits to members in the form of lower loan rates, higher savings rates, and free or low-cost services.	Returns profits to stockholders
Each person who deposits money is a member with a share of ownership	Customers have no ownership in the corporation
Members elect a volunteer Board of Directors to represent their interests	Controlled by stockholders and paid officials
Member-service driven	Profit-driven
Are federally insured by the National Credit Union Administration or a private insurer	Are federally insured by the Federal Deposit Insurance Corporation
Can serve only those individuals within their field of membership	Can serve anyone in the general public

EVERYONE BENEFITS FROM CREDIT UNIONS

Credit Unions Help Consumers

• Without competition from credit unions, banks and other financial institutions could charge higher fees, pay lower interest on savings and increase loan rates.
  
  By providing healthy competition in the marketplace, credit unions encourage other financial institutions to work harder to keep their customers satisfied. All consumers benefit from credit unions.
  
  Studies show that bank customers nationwide also benefit by about $4.3 billion annually by having credit unions in the marketplace. Credit union competition forces banks to keep their rates competitive. (CUNA Research and Statistics)

Credit Unions Help Members

• Credit union members nationwide save $6.3 billion a year by using a credit union instead of a bank.
  
  This works out to be about $150 per household for credit union members. Credit unions can provide these savings because as not-for-profit institutions, they return earnings back to their members in the form of better rates and lower fees. This is money that stays in the local community.

Credit Unions Help Communities

• Credit unions also have a history of giving back to the communities they serve through a variety of charitable activities.
  
  California and Nevada-based credit unions work closely with community organizations to provide much needed resources.
  
  From Sacramento to San Diego and from Carson City to Las Vegas, credit unions have made community service a part of their regular activities.
  
  From building partnerships with school districts to educating students about financial planning to working with organizations such as the American Cancer Society and the March of Dimes, credit unions are dedicated to making a difference.
  
  In addition, many credit unions regularly participate in local community clean-up and food bank programs.

The California Credit Union League

For nearly 75 years, the California Credit Union League has been dedicated to helping credit unions in California and Nevada meet the financial services needs of consumers.

• The League serves nearly 450 credit unions in California and Nevada, representing about nine million members and more than $100 billion in assets.
• As the largest state trade association for credit unions in the United States, the League plays an important role in ensuring the sustained health of its member credit unions through education programs, advocacy efforts, information sharing, and leadership.

League Office Locations:

League Headquarters
9500 Cleveland Ave., Suite 200
Rancho Cucamonga, CA
91730-5929

P.O. Box 3000
Rancho Cucamonga, CA
91729-3000
(909) 980-8890

Sacramento Office
1201 K Street, Suite 1850
Sacramento, CA
95814-3924
(916) 325-1360

Washington D.C. Office
601 Pennsylvania Ave, NW
Suite 600, South Building
Washington, DC 20004-2601
(202) 508-6750