What can a Credit Union do for you?
What is a Credit Union?
A credit union is a member-owned financial cooperative. Unlike traditional banks, credit unions are not-for-profit organizations owned by their members, not shareholders. This fundamental difference means that our earnings go back to our members through better rates, lower fees, and enhanced services.
How Credit Unions Work?
Member-Owned Cooperative
Every member is both a customer and an owner
Democratic Control
Members elect a volunteer board of directors to manage the credit union and represent their interests
Government Oversight
Credit unions operate under government charter and supervision to ensure safety and soundness
Common Bonds
Members are connected through shared characteristics in a field of membership.
Why Choose a Credit Union?
Financial Benefits
Personal Service
Community Impact
Some Differences Between Credit Unions and Banks
Credit Unions
- Member-owned cooperative
- Not-for-profit organization
- Members are owners and partners
- Profits returned to members through better rates and service
- Focus on financial education and member support
- Focus on local economic development
Banks
- Stockholder-owned corporation
- For-profit business
- Customers are account numbers
- Profits distributed to stockholders
- Focus on profitability
- Focus on national/global markets
Who Can Join a Credit Union?
Credit unions are built around common bonds, or a field of membership, that defines eligibility.
Examples of these shared characteristics could be:
- Employer or profession
- Geographic community
- Faith-based organization
- School or university affiliation
- Military service
At Co-op Credit Union, we welcome members who live, work, worship, or attend school in Swift, Lac qui Parle, Chippewa, Kandiyohi, Yellow Medicine, Renville, Lincoln, and Lyon counties in Minnesota, as well as businesses and other legal entities located within these counties.
You can also qualify for membership if you are a member, shareholder, or employee of the following:
- Farmers Union Oil Company of Montevideo
- Minnesota Valley Co-op Light & Power Association
- Farmers Co-op Oil Company, Clara City
- An employee of the Co-op Credit Union of Montevideo
Credit Union Myths
Are You Ready to Experience the Credit Union Difference?
Join Co-op Credit Union today and discover why our members say banking with us is different. We’re not just a financial institution—we’re your partners in building a stronger financial future.
