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What is a Credit Union?

A credit union is a cooperative financial institution, owned and controlled by the people who use its services. These people are members. Credit unions serve groups that share something in common, such as where they work, live, or go to church. Credit unions are not-for-profit, and exist to provide a safe, convenient place for members to save money and to get loans at reasonable rates.

Credit unions, like other financial institutions, are closely regulated. And they operate in a very prudent manner. The National Credit Union Share Insurance Fund (NCUSIF), administered by the National Credit Union Administration, an agency of the federal government, insures deposits of credit union members at more than 9,000 federal and state-chartered credit unions nationwide. Deposits are insured up to at least $250,000. In fact, your accounts can be structured to provide federal deposit insurance in amounts far higher than this. A family of four, for example, could structure their accounts to obtain insurance up to $2,500,000. Ask us for the booklet “Your Insured Fund” if you want detailed information on how to structure your accounts to maximize your insurance.

What makes a credit union different from a bank or savings & loan institution? Like credit unions, these financial institutions accept deposits and make loans--but unlike credit unions, they are in business to make a profit. Banks and savings & loan institutions are owned by groups of stockholders whose interests include earning a healthy return on their investments. Get the Difference

This isn’t a bad thing; it’s simply what they are in business to accomplish.

Credit unions also have to make a profit; enough to sustain themselves as healthy financial institutions. Excess profits are returned to our members in the form of higher dividend rates, lower loan rates, or additional services. Our primary purpose is to help our members.

Our commitment to you is that we will always keep the members’ best interest at heart with every decision we make.

We have some of the best programs around (savings, checking, CDs, loans, electronic services, on-line access, etc.). Why shouldn’t we be your primary financial institution?

Find out if you are eligible to join Sussex County Federal Credit Union.

 
     
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