What’s a Credit Union?
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
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Where can I use my credit union ATM card?
You can use your Southwest Louisiana Credit Union ATM card anywhere that the PULSE or VISA network logo is shown. You can use it at the Lake Charles office, the Westlake office, and coming soon the Sulphur office of the credit union at no cost to the member. You can also use it at PETO's in Moss Bluff on Hwy 378. It can also be used all across the United States at ATMs that are connected to the Pulse or VISA network. Stop by one of the credit union offices to get flyer on where you can use your ATM card today.
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Who owns a credit union?
Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn't operate in that manner. Rather, each credit union member owns one "share" of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
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How did credit unions start?
The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.
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Are savings deposits insured?
Yes. All savings accounts are insured up to $100,000 by the NCUA, the National Credit Union Administration, an agency of the federal government. IRA's are insured separately up to $250,000 by the NCUA an agency of the federal government.
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Who can join a credit union?
A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a "field of membership." The field of membership may include where they live, where they work, where they worship, or their membership in a social or economic group.
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As a member of Southwest Louisiana Credit Union, in an emergency, where can I get to my oney?
Now that Southwest Louisiana Credit Union is a member of the CU Cooperative Branching Network (Shared Branching) there are locations in every state in the country where you have access to your funds. Just click on the CU Branching Network link on our home page and see all the locations available.
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