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FAQs What is the difference between a Bank and a Credit Union? Both banks and credit unions are depository institutions and offer consumers many of the same services. A credit union is a "not for profit" corporation organization owned by its member depositors and is established solely for the benefit of its members. Many credit unions are Federally-chartered credit unions that operate under the authority of the Federal Credit Union Act and are regulated by the National Credit Union Administration (NCUA). Some credit unions are State Charted and are govern by the State of Florida. Most credit unions are federally insured, and Federal insurance is required for any credit union doing business in the State of Florida. A bank is a "for profit" corporation owned by its stockholders and is established to provide financial services to the general public. Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC). Is my money safe with credit unions? Your money is safe and secure at a credit union. Your deposits are being protected up to $250,000 by the National Credit Union Administration (NCUA). The NCUA is the federal government regulator and insurer for credit unions. The insurance they provide protects you against any loss due to the failure of the institution. Can anyone open accounts at credit unions? Many credit unions in South Florida are open to the community. Credit unions may typically be chartered to serve a specific employee or associational group or groups, (often called a Select Employee Group or "SEG Charter"), all members of a trade, industry, or profession (a "TIP Charter"), or have a "Community Charter" (typically a field of membership of anyone who lives, works, goes to school, or attends religious services in a particular city, county, or counties). In the United States, when a credit union converts to a Community Charter from a SEG Charter or TIP Charter, it can continue to serve its existing members as well as anyone who lives, works, worships, or attends school within its new geographical field of membership. Is there any difference between a state-chartered and a Federally-chartered credit union? A credit union can be chartered, or licensed, with state regulatory agencies or with the Federal government. This determines what regulations a credit union will operate under and who its primary regulator will be. The difference between a Federal and state charter has very little impact on consumers and most people would probably not notice it. I have a complaint about my credit union. Who should I contact? First you should contact the management of your credit union. If the issue is not resolved and you feel it is necessary to further pursue the matter, find out if the credit union has a State of Florida Charter or a Federal Charter. If your credit union is chartered by the State of Florida check out this website for the regional office contact information: http://www.flofr.com/Director/regions.htm . Problems with credit unions chartered in other states should be discussed with that state’s financial institutions regulator. The regulator can usually be found on the state’s website. You can also find a list of state regulators on the National Association of State Credit Union Supervisors website at NASCUS http://nascus.org/state-regulators.htm . Complaints about Federally-chartered credit unions should be directed to the National Credit Union Administration (NCUA). The NCUA also maintains an anonymous fraud hotline at 1-800-827-9650. More information can be found at: http://ncua.gov/AboutNcua/ncua_directory.html . |
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