About Us
What's the difference between a credit union and
a bank?
How can I tell if I’m eligible to join
Virginia Credit Union?
If I change employers or move, can I keep my credit union membership
and accounts? Is Virginia Credit Union federally insured?
What's the difference between a
credit union and a bank?
- Credit unions are not-for-profit
financial cooperatives that exist solely to serve their members.
This cooperative structure is why
credit unions are tax-exempt.
- In a credit union, there are no outside stockholders – only
members. Credit union earnings are used to meet members’ needs.
Banks are in business to make profits for its stockholders, who
may not even be bank customers.
- A volunteer board of directors is elected
by the credit union membership to represent them.
- Every member of a credit union
has an equal vote. In a bank, the more shares a stockholder
owns, the more control he or she
has.
- Each credit union has a defined field of membership approved
by its government regulatory agency. Banks serve the general
public.
How can I tell if I’m eligible
to join Virginia Credit Union?
Visit our Membership section. If you’re still unsure
about your eligibility, please contact
us.
If I change employers or move, can I keep my credit union membership
and accounts?
Once a member of a credit union, you can remain a member for life.
Is Virginia Credit Union federally
insured?
Yes, Virginia Credit Union is federally insured by the National
Credit Union Administration, a U.S. Government Agency.
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