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Credit Unions are Unique

 

Are you at a financial crossroads? Make your next bank a credit union. Choose CrossRoads Financial Federal Credit Union!

What is a credit union?
Credit unions are different and that’s good news for you! Millions of people in the United States and throughout the world are taking advantage of credit union membership. Credit unions are not-for-profit financial cooperatives and are among the most stable institutions in America. They exist to serve the needs of their members (who are also owners) and offer the same types of banking products and services you would find at other financial institutions, including savings and checking accounts, loans, mortgages, Internet home banking and bill payment and more. Credit Unions have changed over the years to meet members’ changing needs. In contrast to constantly merging financial institutions, credit unions remain personal and people oriented. They still believe in the motto, “Not for Profit, Not For Charity, But For Service.”


Why CrossRoads Financial Federal Credit Union?
CrossRoads has been safe, secure and insured since 1950 and today has over $35 million in assets and more than 8,400 members. CrossRoads members have access to 4 CrossRoads branches and ATMs,. over 28,000 surcharge-free Alliance One Network ATMs nationwide, along with free 24/7 access to accounts with online banking and billpay, debit cards and Sybil, our telephone teller. It is our mission to improve the financial well-being of each and every member by providing superior products and services in a friendly and efficient manner.

How are banks and credit unions different?

CREDIT UNIONS BANKS
At credit unions, depositors are called members. Each member is an owner of the credit union Banks’ depositors are called customers. Customers have no ownership interest in the institution. Banks have investors who may or may not be depositors.
Since credit union members are owners, each member, regardless of how much money they have on deposit, has one vote in electing board members. Members can also run for election to the board. Banks are owned and controlled by stockholders and their number of votes depend upon number of shares owned. Customers don’t have voting rights, and have no say in how their bank is run. Directors are selected by current directors.
Credit unions’ boards are made up of volunteers who reflect the diversity of the membership. Bank’s board members are paid, and do not reflect the diversity of their customer base.
Credit unions are local and are organized to serve the interests of its membership. Banks are open to the general public.
Credit unions are not-for-profit financial cooperatives, whose earnings are paid back to members in the form of higher savings rates and lower loan rates. Banks are for-profit corporations, with dividends paid to stockholders only.
In the entire history of U.S. credit unions, taxpayer funds have never been used to bail out a credit union. The Savings & Loan bailout in 1980’s as well as more recent bank bailouts, used taxpayer dollars.
Credit union deposits are federally insured up to $250,000 by the National Credit Union Administration (NCUA), a branch of the federal government, which is backed by the full faith and credit of the U.S. government. Bank deposits are federally insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC). The FDIC is also backed by the “full faith and credit” of the U.S. government
 
 
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© Crossroads Financial Federal Credit Union, P.O. Box 806, 1102 W. Votaw St., Portland, IN 47371, Phone: 260-726-2142, fax: 260-726-6846. All Rights Reserved. Unauthorized account access or use is not permitted and may constitute a crime punishable by law. Crossroads Financial Federal Credit Union is not responsible for, the product, service, or overall website content available at a third-party site. Links to third-party sites are provided as a service only and are not an endorsement. Please view our Privacy Policy and Patriot Act Notice.