What's a credit union? 

A credit union is a cooperative financial institution, owned and controlled by the people who use its services. These people are members. Credit Unions serve groups that share something in common, such as where they work or live. Credit Unions are not-for-profit, and exist to provide a safe, convenient place for members to save money and to get loans at reasonable rates.

Who owns a credit union? 

You do! While most financial institutions are owned by stockholders, a credit union is owned by its members. Each credit union member owns one "share" of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues such as the election of member representatives to serve on the board of directors or the supervisory committee.

How can I join the Fulda Area Credit Union? 

If you live, work, worship, or attend school within our field of membership, call any of our branch locations to get membership information. If you are a blood or adoptive relative of a current member or their spouse you may also be eligible to join.

How did credit unions start? 

The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. Today, one in every three Americans is a credit union member.

What is the purpose of a credit union? 

The primary purpose is to encourage members to save money. Another purpose is to offer loans to members. Credit unions can charge lower rates for loans, as well as pay higher dividends on savings, because they are non-profit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.

Are savings deposits insured? 

Yes. Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.

Who can join a credit union? 

A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a "field of membership." At Fulda Area Credit Union, our field of membership includes people who live, work, worship, or attend school in our member area of southwestern Minnesota.