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.
- Members on credit union boards of directors serve in a volunteer capacity. 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?
Membership is open to a wide variety of individuals. If you’re still unsure, please contact Member Services at (804) 323-6800 or (800) 285-6609.
If I change employers or move, 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.
Is Virginia Credit Union federally insured?
Yes, Virginia Credit Union is federally insured by the National Credit Union Administration, a U.S. Government Agency.