CFCU Frequently Asked Questions
When was Chetco Federal Credit Union chartered?
It was chartered in November, 1957.
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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, or their membership in a
social or economic group.
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What is 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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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.
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Are savings deposits insured?
Yes. All savings accounts are insured to at least $250,000 by the NCUA,
the National Credit Union Administration, an agency of the federal
government. IRA deposits are insured separately.
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