What's the difference between a credit union and a bank?
- Credit unions are member-owned 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 their stockholders, who may not even be bank customers.
- A volunteer board of directors is elected by the credit union membership to represent them.
- Each credit union has a defined field of membership approved by its government regulator.
How can I tell if I’m eligible to join Virginia Credit Union?
Membership is open to many individuals and groups. If you’re unsure about your eligibility, please call Member Services at (804) 323-6800 or (800) 285-6609.
If I change employers, move or retire, can I keep my credit union membership and accounts?
Once a member of Virginia Credit Union, you can remain a member for life. Just keep your accounts active and in good standing. We're happy to talk with you about all the ways you can use your credit union wherever you are.
Is Virginia Credit Union federally insured?
Yes, Virginia Credit Union is federally insured by the National Credit Union Administration, a U.S. Government Agency.