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What’s a Credit Union?

Let's start with what a credit union isn't.  We aren't a union in the normal sense of the word.  Instead, we are a "union" of people from similar backgrounds who came together to form this credit union over 40 years ago.  Although a credit union offers most, if not all, the same services as a bank, we are not a bank either.  We are a not-for-profit financial co-operative, which basically means we are just organized differently than a bank.  A credit union promotes thrift and provides credit to its members.

Got Stock?

As our clever CU-SWAG t-shirt asked and answered...no, credit unions do not have stock like other financial institutions.  We can raise capital only through earnings, as opposed to banks who raise capital by selling stock to shareholders.  Our board members are volunteers, so we don't have to worry about their return on investment.  Instead, we worry about giving back to all of our members in the form of better savings rates, lower loan rates, and cheaper services.

So, who are the members of a credit union?

It's different for every credit union because every credit union has a "field of membership," which defines who can join that credit union.  If you are a healthcare professional in Northeastern Oklahoma, you qualify for membership at Encentus FCU.  A healthcare professional includes doctors, dentists, chiropractors, and nurses, of course, but it also includes a doctor's secretary or a hospital janitor or cafeteria worker, or even someone who sells medical equipment, for example.  If you are exclusively working in a healthcare industry operating in NE Oklahoma, you are in our field of membership.  And, actually, we go even further than that, because your immediate family members can also join!

Do I have to pay dues to be a member?

Absolutely not!  We are not a union, so when you pay your one time $1 membership fee and deposit the minimum $5 in your share (savings) account, you are a member for life.  That's where the term, "once a member, always a member" comes from.  Let's say you are a brain surgeon who decides to follow his dream of coaching basketball.  Well, if you were a member while you were a brain surgeon, you can continue to be a member as a coach.  Once you qualify for membership and join, then you can stay forever as long as you keep that $5 in your share account.

Are savings deposits insured?

Yes. All savings accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.  The NCUA basically works just like the FDIC, but there are so fewer credit unions around, you probably don't know the name as well.

But what can you offer that my bank doesn't?

How about lower loan rates?  What about a free annual meeting held at a local attraction (past events include Driller Stadium, Big Splash, Incredible Pizza, Discoveryland, Tulsa Zoo, and Camp Loughridge) where your entire family can have a blast and win prizes?  What about a smile when you walk through the door, and after you have visited a few times, a smile by someone who knows your name?  Not enough?  Does your bank return a portion of the interest you paid them on your loans at the end of the year?  We've done that for the last 6 years!  Still need more?  Free bill pay?  Free online banking?  Coin exchange?  Safe deposit boxes?  Free debit card?  Free checking?  We could go on and on and on...