What exactly is a Credit Union?

In the news and on TV, we often hear talk about credit unions. Though we seem to have a general understanding of what they are, there are much more to them than we hear.

Credit unions are member-owned financial cooperatives. They are controlled entirely by their members and have board members as well. Members are able to vote and become board member, making it united and democratic. Members are in control of their accounts and other services they receive. Like banks, they offer credit cards, loans, and competitive rates; however, the point of credit unions is to encourage resourceful banking. Credit unions keep the customer in mind as well as the community. Good intentions are promoted through sustainability and development.

Unlike most banks that look almost identical on paper, credit unions vary in size, assets, memberships, and communication. This is beneficial to members, because they are able to look for credit unions that best suit their needs and community. This is one reason individuals must apply for membership before opening an account.

Valley Federal Credit Union is located in the Rio Grande Valley and has the community’s needs in mind. To become a member of Brownsville and Harlingen’s foremost credit union, contact our offices at (956) 546-3108.