What is a Credit Union?

As a member of Next Generation, you are also a member of REGIONAL Federal Credit Union. But what exactly are credit unions, and what does it mean to be a member?

Credit unions offer many of the same services as banks, such as savings, checking, loans and investment services. Unlike banks, shares of credit union ownership are not bought and sold freely on the market. Only the people who can actually use a credit union’s services can become members, and each member owns an equal share, regardless of how much money they have.

This means credit unions choose their policies such as interest rates and fees based on what best serves their members. In general, credit unions offer lower interest rates on loans and higher returns on savings than you’ll find at a regular bank.

Each credit union has its own criteria for membership. Sometimes you have to work for certain employers to join, other times you just have to live, work, or attend church or school in a certain area. REGIONAL falls into this second category. And, if you’re already a member, anyone from your immediate household or family is also welcome to join!