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, mobile
banking and bill payment and more. Credit Unions have changed over
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, “People helping
Why CrossRoads Financial Federal Credit Union?
CrossRoads has been safe, secure and insured since 1950 and today
has over $48 million in assets and more than 9,000 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 and mobile banking and billpay,
debit cards and Sybil, our telephone teller. It is our mission to
financial well-being of each and every member by providing superior
products and services in a friendly and efficient manner. Local. Trusted.
How are banks and credit unions different?
|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
|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