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What is a credit union?

A credit union is a nonprofit financial institution organized to provide checking and savings accounts, loans and other financial services to its members. Credit unions are democratically owned and controlled institutions based on "people helping people" principles. It is both owned and controlled by its members, with each member having an equal vote and the opportunity to serve on the board of directors. Credit unions are either state or federally chartered. Florida State University Credit Union is State-chartered, supervised by a state regulatory agency. The National Credit Union Administration supervises those with federal charters.

What membership means:

Members elect credit union boards of directors; each member has an equal vote, regardless of how much he or she has on deposit. Only members may serve as directors, and directors serve without compensation. Credit unions have no outside stockholders, so after reserves are set aside, earnings are returned to members in the form of higher dividends on savings, lower loan rates and low cost services.

Is my money safe?

Although credit unions generally pay higher rates on savings accounts and other types of investments than banks and Savings & Loans do, those higher rates don't necessarily translate into higher risk. That's because the National Credit Union Share Insurance Fund (the credit union's equivalent of the Federal Deposit Insurance Corp), Federally insures each account to at least $250,000, backed by the full faith and credit of the United States Government.