What's the difference between a credit union and a bank? Credit unions are not-for-profit financial cooperatives that exist to serve their members. The members are the owners of their credit union, and there are no outside stockholders. This cooperative structure is the reason credit unions are exempt from some taxes. 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. Credit unions serve those in their approved fields of membership. In a credit union, the members elect a board of directors to represent them, and all directors are credit union members. They volunteer their time to serve the cooperative. How can I tell if I’m eligible to join Virginia Credit Union? It's easy to join us. Learn more about joining or contact Member Services at 804-323-6800 or 800-285-6609 so we can help you. Is Virginia Credit Union federally insured? Yes, Virginia Credit Union is federally insured by the National Credit Union Administration, a U.S. Government Agency.