What is a Credit Union?
Credit unions are member-owned not-for-profit financial cooperatives dedicated to improving members’ lives by providing a variety of savings and loan products. In 2009, the 100th anniversary of credit unions in America, more than 92 million members own 8,000 US credit unions. 

A credit union’s board of directors is elected by its members, making credit unions the only democratically controlled financial institutions in the United States.  Additionally, any excess earnings that a credit union makes are returned to members in the form of better rates and services. 

Are Credit Union Accounts Insured?
Yes, credit union accounts are insured through the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the full faith and credit of the United States government, similar to the FDIC.  For more information, go to ncua.gov.

How Can I Join a Credit Union?
There are several ways to join a credit union. The most common is through your place of work. More than 80 percent of the credit unions in the US serve members with an occupational common bond. 

There are also many church- and community-based credit unions for which you may be eligible to join.

Finally, while some credit unions have restrictions on who can become a member, several credit unions in Washington recently expanded their memberships to include any individual living in the city or a particular area of the city.

To learn more about credit unions or to find out how to become a member of a credit union in the District of Columbia or Maryland, visit mddccua.org and/or whatsinitforme.org, or call (410) 290-6858.

This financial feature is presented by the Maryland and District of Columbia Credit Union Association, a partner of the DC Saves Campaign. DC Saves is a coalition of nonprofit, corporate, and government groups helping individuals and families save and build wealth. For more information about the campaign, visit dcsaves.org.