The following article offers a discussion of the concept of credit unions. Your savings are federally insured to at least $250,000 by the National Credit Union Administration and backed by the full faith and credit of the United States Government. Our partnership goes beyond a financial commitment, with our volunteers also representing Scott Credit Union at American Cancer Society events.
We’re a credit union – with all of the services a big bank has to offer – plus added benefits simply for being a member. The credit union currently has over 4300 active junior accounts with over £480,000 held in savings. Scott Credit Union employees volunteered for 44 shifts, totaling over 100 hours of bell ringing during the 2015 holiday season.
In the United States, Federal credit unions are chartered by and overseen by the National Credit Union Administration (NCUA), which also provides deposit insurance similar to the manner in which the Federal Deposit Insurance Corporation (FDIC) provides deposit insurance to banks.
A good credit rating also helps in many other situations, such as, obtaining a loan with a low-interest rate. Regardless of account size in the credit union, each member may run for the volunteer board of directors and cast a vote in elections. As the credit card issuers provide detailed monthly statements on purchases, they allow you to keep track of your spending with ease.