The full explanation
To join you need a common bond, such as your employer, your family, where you live or a group you belong to. It is chartered by the NCUA, a federal agency, or by a state. If the credit union is federally insured, your deposits are protected by the NCUA's insurance fund.
An example
Jorge joins the credit union at his workplace. He opens a savings account and, later, compares its car loan rate with a bank's.
You will see it in…
- The institution's name, which often includes “Credit Union” or “Federal Credit Union”
- Your options for opening an account or getting a loan
- CFPB guides on opening a bank or credit union account
