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A credit union is
owned by its members. Unlike a bank, they exist only to serve
these members, not to pay an outside group of stockholders.
Each member, being an owner, has an equal vote in the board of
directors elections, regardless of how much he or she has on
deposit at the credit union.
A credit union's income is returned to the members, allowing
for higher savings yields, low or no cost services, and lower
loan rates.
At My Credit Union, a member’s fund is insured
up to $100,000 by the National Credit Union Share Insurance
Fund (NCUSIF), with the possibility of more protection through
joint accounts. This fund is stronger and more secure than the
insurance provided by the Federal Deposit Insurance
Corporation (FDIC) or the Federal Savings and Loan Insurance
Corporation (FSLIC). Not one penny of insured savings has ever
been lost by a member of a federally insured credit union,
like My Credit Union.
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