A credit union is a not-for-profit, cooperative financial institution owned and run by its members.

Well, Upward Credit Union is a full service financial institution, offering a wide variety of products and services to its members; often with lower rates on loans, higher yields on savings and certificates, and many low or no-fee services, all while giving you the conveniences you have come to expect from your financial institution.

How are you able to offer better rates and lower fees?

The process is simple. Members pool their funds together by making deposits into various accounts. This pool of funds is used to make loans to other members for new cars, homes, credit cards, or even vacations. The income generated from these loans is used to cover the credit union’s operating expenses and reserve requirements, with the remaining funds returned to the depositing members as dividends, lower rates, and new products and services.

Okay, you mention member a lot.

What do you mean by being a “member” of Upward Credit Union?

Credit unions are established to serve a group of people who are united by a common bond, such as living in a specific community or working for the same employer. As a member and owner of Upward CU, you have a say in how the credit union operates. You are able to vote in a democratic election of the Credit Union’s officials, or even run for a vacant position. Every member has an equal vote in the elections, regardless of the number of deposits or services held with the credit union. One member, one vote!

And what do the officials do?

Credit Union officials are comprised of our Board of Directors and Committee members. All officials volunteer their time, knowledge, and experience to direct the Credit Union while working closely with management. These volunteers are the member’s voice and act on behalf of the entire membership. Attending regular meetings, they ensure that the credit union is operating soundly, safely, and with the member’s best interest in the forefront.

Well, everything sounds nice, but are credit unions safe?

Credit unions are closely regulated on the federal and state level to ensure the safety and soundness. Many credit unions, like Upward Credit Union, are insured by the National Credit Union Share Insurance Fund (NCUSIF), which is administered by the National Credit Union Administration (NCUA), backed by the full faith and credit of the United States Government.