What is a Credit Union?
The mystery behind the words Credit and Union are revealed below.
Whether credit union membership is new to you or you've been a member for decades, it's easy to underestimate all the advantages a credit union provides.
- Credit unions are cooperative and member-owned. CHACO exists solely to serve members, not profit from them.
- Credit union membership lasts a lifetime - once you're a CHACO member, you're always a member!
- We work hard to help you reach your financial goals, whether that means saving for retirement, paying for college, getting a handle on debt or buying a home.
- Excellent service has become rare, but member satisfaction continues to be one of our top priorities.
- Credit union members reap the value of more competitive rates and lower fees than most banks offer. A lower loan rate or a higher investment rate means more money in your wallet!
- Our sophisticated tools such as FREE online banking, FREE bill pay and phone banking allow you to handle your finances anytime and from anywhere.
- Because we want our members to achieve financial success, we offer a variety of education programs to help you take charge.
- Once you join CHACO your family members, including your spouse, children, parents, brothers or sisters, grandparents, aunts, uncles, nieces and nephews are eligible for membership.
- We offer personalized solutions to your financial needs.
- If you know someone who could reap the countless benefits of credit union membership, invite them to check us out. Encourage them to stop by any CHACO location or call 513-785-3500.
Credit Union Dictionary - Terms explained
Here is a general list of words commonly used in the credit union industry:
Member - A consumer of the credit union is called a member. They are called a member because they actually own a share in the credit union.
Share - A credit union term for a savings account. At CHACO this account must have a $5 minimum balance to own a share in the credit union and partake in membership benefits.
Share Certificate - A credit union term for what is commonly known as a certificate of deposit or CD.
Share Draft - A credit union term for a draft or check. At CHACO, a Share Draft account is a checking account.
NCUA - National Credit Union Administration - an agency of the federal government that insures each member's account up to $250,000. (If you're familiar with FDIC-Federal Deposit Insurance Corporation- this is the credit union's version of deposit insurance.)
ESI (Excess Share Insurance) - CHACO members have an additional $250,000 in private deposit insurance as an added benefit (this is in addition to the NCUA insurance.)