About The Credit Union

What's the difference between a credit union and a bank?

Credit unions are not-for-profit financial cooperatives that exist only to serve their members. This cooperative structure is why credit unions are tax-exempt. Credit union earnings are used to meet members' needs. A volunteer board of directors is elected by the membership to represent them, and every member has an equal vote regardless of the amount placed in the credit union. There are no outside stockholders in a credit union— only members. Each credit union has a defined field of membership approved by its government regulatory agency.
         Banks are in business to make profits for stockholders— the owners of the bank, who may or may not be bank customers. The more shares a stockholder owns, the more control he or she has. Bank boards of directors are paid for their services. Banks serve the general public.
         If you would like to see a visual comparison of different financial institutions, check out this table here.

Why do I have to open a share account to join the credit union?

A $25 minimum balance in a regular savings account is required of every member to maintain membership and use credit union services. Members own the credit union, and this $25 is your minimum share.

Is New Century Federal Credit Union federally insured?

Yes, New Century Federal Credit Union is federally insured by the National Credit Union Administration, a US Government Agency.

If I change jobs, retire, move or graduate from college,
              do I have to close my credit union membership
              and stop using credit union services?

No, you’re a member for life as long as you keep your account active and in good standing. Just call or e-mail us if your situation is changing and you need help with the easiest ways to use your credit union wherever you are.