Blog

What is a credit union?

Credit unions are member-owned, not-for-profit financial institutions dedicated to serving their members. Although they offer many of the same products and services as other financial institutions, credit unions have some distinguishing characteristics that make them unique.

Member-Owned

Credit unions are owned and controlled by their customers, known as members, who use their services. A volunteer board of directors is elected by members.

Member-Focused

Members of a credit union share a common bond, also known as the credit union’s “field of membership.”

Anyone who lives or works in Bartow, Catoosa, Chattooga, Cherokee, Cobb, Dade, Douglas, Floyd, Fulton, Gordon, Murray, Paulding, Polk, Walker, and Whitfield counties is eligible to apply for LGE Community Credit Union membership, as are employees of many companies. Family members of existing members are also eligible.

Exceptional Service

Because a credit union’s members are also its owners, credit unions make providing consistently exceptional member service a top priority.

Competitive Rates & Reduced Fees

Credit unions operate to promote the well-being of their members. Profits made by credit unions are returned back to members in the form of reduced fees, higher savings rates and lower loan rates.

Insured Funds

The National Credit Union Share Insurance Fund provides individual depositors up to $250,000 in coverage at each federally insured credit union. Members of federally-insured credit unions have never lost a penny of insured savings.

Dedicated to Financial Well-Being

In addition to excellent member service, credit unions offer educational materials and resources to help you make informed buying and saving decisions.

People Helping People

The philosophy of the credit union movement is “People Helping People.” Your credit union was established for You. We’re here to provide you, your family, and your community with a secure place to keep and grow your money.

Source: https://mycreditunion.gov/