{"id":1535,"date":"2013-06-07T17:21:22","date_gmt":"2013-06-07T17:21:22","guid":{"rendered":"https:\/\/www.vfcu.net\/?page_id=1535"},"modified":"2016-04-08T15:05:45","modified_gmt":"2016-04-08T15:05:45","slug":"about-credit-unions","status":"publish","type":"page","link":"https:\/\/www.vfcu.net\/es\/faqs\/about-credit-unions\/","title":{"rendered":"About Credit Unions"},"content":{"rendered":"

We all know, there is a first time for everything. If it’s your first time switching from a bank to a credit union, or your first time opening an account with a financial institution, it’s always best to get informed. We aim to provide you with the resources necessary to make a decision that makes you comfortable. Learn about credit unions and how they function by viewing the following frequently asked questions.<\/p>\n

If you’re ready to join a credit union, or would like to learn more<\/a>, contact anyone our Valley Federal Credit Union Offices<\/a>, or call our main office in Brownsville at (956)546-3108.<\/p>\n

Related Articles<\/h2>\n

What is the difference between the NCUA and the FDIC?<\/a><\/h3>
The only difference is the NCUA insures credit union deposits whereas the FDIC insures bank deposits. Other than that, the two work similarly. If a credit union should happen to fail, the NCUA will pay insured deposits to the member owning the account. The same goes for a bank. Both are regulated and are expected...<\/div>

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Who can join a credit union?<\/a><\/h3>
Laws have been implemented to assess who is allowed to enter a credit union in that they require that a person is a member of a specific field of membership such as a church group, community group or employee group of a corporation. If you are a member of a group, you are part of...<\/div>

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What is a credit union?<\/a><\/h3>
A credit union is a non-profit financial cooperative in which members democratically consult one another in a group. It offers low interest rates on loans, checking and savings account services, investments and other financial services to groups comprised of members. For more information regarding the benefits of joining a credit union, contact VFCU at the...<\/div>

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How long have credit unions been around?<\/a><\/h3>
The first credit union sprang up in Germany in the late 1800\u2019s and then spread into Europe by the end of the 19th century. Credit unions were created to provide services that banks couldn\u2019t give professionals, middle class and poor people. Credit unions have always been about the people and its members, never about profit....<\/div>

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Who Owns A Credit Union?<\/a><\/h3>
A credit union is member-owned, meaning every member of the group owns one share. A board of directors, composed of members elected by other members, maintain order in the institution. They perform duties on a volunteer basis. Contact Us To become a member of a credit union, contact the Brownsville main office of Valley Federal...<\/div>

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Are Military Credit Unions Different From Other Credit Unions?<\/a><\/h3>
Not necessarily. Military credit unions may give money to foundations that help the military, but they still handle accounts and facilitate loans for their members. A board determines how much money is allocated for that foundation that is usually paid back to its members. Contact Us For more information on joining a credit union, contact...<\/div>

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Do Credit Unions Charge A Fee To Become A Member?<\/a><\/h3>
No. Credit unions do not require you to pay a fee but you do have to meet certain criteria to open an account. You must have a minimum amount of money in your account, usually refundable if you should decide to close your account. Contact Us For more information on becoming a member, contact the...<\/div>

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What Is Shared Branching?<\/a><\/h3>
Shared branching is a network of credit unions that share assets so that their members can have access to a larger number of locations to conduct their business. Contact Us For information on shared branching or to find out if we offer this service, contact Valley Federal Credit Union in Brownsville by calling (956) 546-3108.<\/div>

Read more ...<\/a><\/p><\/div>

How can I join a credit union today?<\/a><\/h3>
If you are a customer of a banking institution and would like to become a member of a credit union, simply stop by and ask a representative what needs to be done to join their specific location. Eligibility requirements will apply. You will be considered if you are a member of a group, reside in...<\/div>

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What is the NCUA and how does it benefit me as a member?<\/a><\/h3>
The NCUA stands for the National Credit Union Administration. Strongly defined on the NCUA.gov site, the NCUA is the independent federal agency that regulates, charters and supervises federal credit unions. They are supported by the U.S. Government, and the administration operates the National Credit Union Share Insurance Fund (NCUSIF), which ensures money deposits of each...<\/div>

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How do I know if my local federal credit union is insured by the NCUSIF?<\/a><\/h3>
To determine whether a credit union is federally insured, look for the NCUA logo\/sign displayed at each credit union branch, ATM and online website. This is to inform and assure members that their money is protected by the NCUSIF. White bolded NCUA letters on a blue background is normally the usual logo\/sign of the NCUA....<\/div>

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Which credit union deposits are insured by the NCUSIF?<\/a><\/h3>
The types deposits insured by the NCUSIF include: Money deposits Share savings account Time deposits Share draft account deposits Contact Us To learn more about federally insured deposits, contact our Brownsville main office at (956) 546-3108 or the Harlingen branch of Valley Federal Credit Union at (956) 425-5668.<\/div>

Read more ...<\/a><\/p><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

We all know, there is a first time for everything. If it’s your first time switching from a bank to a credit union, or your first time opening an account with a financial institution, it’s always best to get informed. We aim to provide you with the resources necessary to make a decision that makes […]<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":591,"menu_order":7,"comment_status":"open","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-1535","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.vfcu.net\/es\/wp-json\/wp\/v2\/pages\/1535","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vfcu.net\/es\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.vfcu.net\/es\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.vfcu.net\/es\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vfcu.net\/es\/wp-json\/wp\/v2\/comments?post=1535"}],"version-history":[{"count":0,"href":"https:\/\/www.vfcu.net\/es\/wp-json\/wp\/v2\/pages\/1535\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/www.vfcu.net\/es\/wp-json\/wp\/v2\/pages\/591"}],"wp:attachment":[{"href":"https:\/\/www.vfcu.net\/es\/wp-json\/wp\/v2\/media?parent=1535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}