A credit union is a member-owned, not-for-profit financial institution. This means profits are returned to members through better rates, lower fees and improved services, not paid out to shareholders. At a credit union, members can gain access to services like checking, savings and IRA accounts, along with loans like personal, auto and mortgage loans. Credit unions also offer business banking services, such as business checking and savings accounts, business loans and more. Learn More

The primary difference between banks and credit unions lies in who is served. Banks are for-profit institutions owned by shareholders, whereas credit unions are not-for-profit institutions owned by their members. Because of this structure, there are many benefits of a credit union, such as better rates, lower fees and more personalized service. While both offer similar services like checking accounts, loans and credit cards, credit unions like California Credit Union emphasize community, member benefits and long-term financial well-being over profits.

Yes, credit unions like California Credit Union are safe, as they’re insured by the National Credit Union Association (NCUA), which protects deposits up to $250,000 per account holder, similar to FDIC insurance for banks. Credit unions also follow strict regulatory guidelines and security standards to ensure your money and personal information are protected.

Each credit union has its own eligibility requirements to become a member. At California Credit Union, you can join if:

• You have an immediate family member, spouse, partner or household member who is a member of California Credit Union
• You’re an employee, retiree (pensioner or annuitant) or unpaid volunteer of a Partner Organization 
• You or your business join through a complimentary membership in the American Consumer Council

Because credit unions are not-for-profit, any earnings are reinvested back into the membership rather than being paid to shareholders. This typically shows up as higher dividend rates, similar to interest rates, on savings accounts and lower rates on loans, along with reduced fees and improved products or services. Credit unions will also invest in better digital tools, such as digital wallets, financial education and community programs that directly benefit members.

Yes, whether you need to deposit cash at an ATM or check your balance, many credit unions participate in shared ATM networks that allow members to access thousands of surcharge-free ATMs around the world. California Credit Union is part of the CO-OP Shared Branching network and Allpoint Network, giving members access to over 85,000 surcharge-free ATMs worldwide.