Credit Union Awareness & Benefits
What is a Credit Union?
A credit union is a member-owned financial cooperative. Unlike traditional banks, credit unions are not-for-profit organizations owned by their members, not shareholders. This fundamental difference means that our earnings go back to our members through better rates, lower fees, and enhanced services.
How Credit Unions Work?
- Member-Owned Cooperative: Every member is both a customer and an owner
- Democratic Control: Members elect a volunteer board of directors to manage the credit union and represent their interests
- Government Oversight: Credit unions operate under government charter and supervision to ensure safety and soundness
- Common Bonds: Members are connected through shared characteristics in a field of membership.
Why Choose a Credit Union?
Financial Benefits • Personal Service • Community Impact
Some Differences Between Credit Unions and Banks
Who Can Join a Credit Union?
Credit unions are built around common bonds, or a field of membership, that defines eligibility.
Examples of these shared characteristics could be:
- Employer or profession
- Geographic community
- Faith-based organization
- School or university affiliation
- Military service
At Co-op Credit Union, we welcome members who live, work, worship, or attend school in Swift, Lac qui Parle, Chippewa, Kandiyohi, Yellow Medicine, Renville, Lincoln, and Lyon counties in Minnesota, as well as businesses and other legal entities located within these counties.
You can also qualify for membership if you are a member, shareholder, or employee of the following:
- Farmers Union Oil Company of Montevideo
- Minnesota Valley Co-op Light & Power Association
- Farmers Co-op Oil Company, Clara City
- An employee of the Co-op Credit Union of Montevideo
Credit Union Myths
Myth #1: Credit unions aren't as secure as banks
Fact: Credit unions are just as secure as banks, with deposits federally insured up to $250,000 by the National Credit Union Administration (NCUA), similar to FDIC insurance for banks.
Myth #2: Credit unions don't offer modern banking services
Fact: We provide the same cutting-edge services as banks, including:
- Online and mobile banking
- Mobile check deposit
- Digital wallet integration
- 24/7 ATM access
- Bill pay services
- Credit and debit cards
Myth #3: Credit unions are too small and inconvenient
Fact: With access to the extensive MoneyPass ATM network, credit union members enjoy surcharge-free ATM transactions at over 30,000 locations nationwide. Whether you’re in your hometown or traveling, your money is always within easy reach—just as convenient as any big bank!
Myth #4: Credit unions are only for basic savings accounts
Fact: We offer a full range of financial products and services:
- Mortgages and home equity loans
- Auto loans and refinancing
- Business banking services
- Investment and retirement planning
- Credit cards
- Insurance services
Myth #5: You have to work for a specific employer to join
Fact: While some credit unions serve specific employers, many are community-based and open to anyone who lives, works, worships, or attends school in their service area. Family members of existing members can often join too.
Are You Ready to Experience the Credit Union Difference?
Join Co-op Credit Union today and discover why our members say banking with us is different. We’re not just a financial institution—we’re your partners in building a stronger financial future.
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