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A branch of the Coastal Federal Credit Union in Raleigh, North Carolina. A credit union is a member-owned nonprofit cooperative financial institution.They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts (cheque accounts), credit cards, credit, share term certificates (certificates of deposit), and online banking.
Credit union service organizations (CUSOs) are United States corporate entities that are owned by federally insured credit unions and provide services to them. These are often used by credit unions to share common services between several credit unions to create economies of scale. The services are limited by regulation but include ...
Credit Union Service Centers (commonly known as shared branching) is an organization of credit unions that allows members of participating credit unions to process transactions at any participating branch. Members are generally free to conduct normal transactions and day-to-day operations away from their home branch. [1]
Credit unions can also participate in a credit union service organization (CUSO) that provides shared resources to member credit unions such as call centers, lending teams, and data centers. Participating in a CUSO allows credit unions to provide additional services to customers such as business and commercial real estate lending.
Service Federal Credit Union (Service Credit Union) is the largest credit union in New Hampshire, and is chartered and regulated by the National Credit Union Administration (NCUA). As of Q4 2023, Service Credit Union has over $5.4 billion USD in assets, and more than 354,000 members worldwide. [ 1 ]
In spite of the word 'credit' in their name, even the earliest credit unions usually offered both savings and credit services, and often payment and insurance services as well. And they were known by (and are still known by) a wide range of names, for example: 'people's banks', 'cooperative banks' and 'credit associations'.
This is a partial list of credit unions in the United States.. A credit union is a member-owned financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members. [1]
The National Credit Union Administration (NCUA) is an American government-backed insurer of credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the Federal Deposit Insurance Corporation (FDIC), which insures commercial banks and savings institutions.