Frequently Asked Questions | Credit Unions - General

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, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.

People First is service oriented, locally operated and is a not-for-profit, member-owned financial cooperative. We have a democratic operating philosophy and a volunteer board of directors. All members have a voice in how the credit union operates. We offer lower rates on loans and pay higher dividends on savings. We charge minimal or no fees. A credit union is dedicated to serving its members' financial needs in a low-cost, efficient manner.

Other financial institutions tend to merge, change names or even go out of business. They are profit-based and stockholder owned. They tend to charge higher rates on loans and are more likely to charge fees and require minimum balances. They are often owned and operated by out-of-state or foreign investors.

Yes. Your savings are federally insured to at least $250,000 per separately titled account and backed by the full faith and credit of the United States Government. The National Credit Union Administration (NCUA), an independent agency of the U.S. Government, manages the National Credit Union Share Insurance Fund which provides federal insurance. This fund is one of the safest you'll ever find and is not funded by taxpayer dollars.

The National Credit Union Administration is an agency of the federal government. It is responsible for making sure all credit unions are operating soundly. It acts as our regulatory and supervisory agency.

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Your savings are federally insured to at least $250,000 by the National Credit Union Administration and backed by the full faith and credit of the U.S. Government.
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