Credit Union of Colorado
Top 5 Facts About Credit Unions You Might Not (But Should!) Know
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Whether you're new to Colorado or moving to a new place in state, they are here to help.
When is a bank not a bank? When it’s actually a credit union. Credit unions offer a myriad of benefits to their members, but many people either don’t understand what a credit union is, or they think they don’t qualify to become a member. The truth is, almost anyone can join a credit union, and there are many awesome reasons to consider moving your money from a bank.
Five top facts about credit unions you might not (but should!) know:
1. One of the advantages of credit unions is that you become a co-owner when you join. So you actually share in the profits, and those profits then come back to you in the form of lower rates on loans, higher deposit rates, and added features.
2. Credit unions are not-for-profit organizations. That’s because their purpose and mission is to serve their members rather than maximize profits. They are run like a smart business and use revenues from loans and investments to exceed operating costs and pay dividends. It’s a very straightforward and transparent business model that puts members at the center of every decision. What a refreshing and relevant idea in today’s world.
3. Credit unions like Credit Union of Colorado offer the same services that banks do—including online banking, auto loans, credit cards, ATMs, and more. Credit Union of Colorado even has an incredible mobile app that lets you do all your banking from your phone in a snap. And Credit Union of Colorado provides access to 62,000 surcharge-free ATMs across the U.S. and Canada, with 1,700 right here locally.
4. Becoming a member is easy, and almost anyone can join. It’s true that when Credit Union of Colorado was founded in 1934, only active state employees could be members. But a lot has changed since then. Today, qualifying for credit union membership is easy, and virtually anyone is eligible to join. You can qualify for membership three different ways. If you are an employee or retired from one of our employee groups. If you have a family member who is a member of Credit Union of Colorado. Or if you join the Credit Union of Colorado Foundation, a non-profit 501(c)(3) for only a $10 (or more if you wish) donation.
5. You can feel safe putting your hard-earned money in a credit union. At Credit Union of Colorado, our accounts are insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), an agency of the federal government. The National Credit Union Administration (NCUA) administers the NCUSIF to credit unions across the nation. It enables us to offer our members the same safety and soundness as other FDIC-insured institutions. In fact, the NCUSIF is the strongest of the federal insurance funds available today.
At the Credit Union of Colorado, we never forget that you are the reason we work so hard every day. We offer personalized service, and a team of experts is here to help you with advice whenever you may need it. We treat you with respect, we value your time and your wishes and we’re friendly and approachable. After all, we’re all part of the same team here, and you are one of our co-owners. This is an honest, collaborative, community-based way to do something good with your money. We’re proud of our strength, stability, and history as a member-owned financial institution, and we look forward to meeting you. Let’s talk about how great it would be to do your banking at the un-bank—Credit Union of Colorado.