Much has changed since the early days of credit unions. The first American credit union was formed in Massachusetts more than a century ago, giving locals the ability to manage their money in a not-for-profit co-op. As the benefits of membership grew, so did the number of credit unions. As of March 2017, there were more than 5,800 credit unions in the United States. The question on some people’s minds is, “Will these credit unions still be around in five, 10 or even 50 years?”
If growth is any indication, credit unions are here to stay. Credit unions are growing faster than bank – CUNA (Credit Union National Association) predicts a 10% jump in membership for 2017, and 9% the following year. Because credit unions are not-for-profit, and member-owned, the money they make is channeled back to members through lower rates and fees and extra services. Community not-for-profits like KeyPoint Credit Union attract new members with competitive rates on mortgages and home loans, and perks like loan auto-pay discounts and select ATM fee rebates.
When members deposit or invest money with a credit union, they want to know it’s secure. Your credit union accounts are insured by the National Credit Union Administration (NCUA). Members know their money is insured when they see the NCUA logo displayed on their credit union’s website. This logo also appears at branches and on printed materials.
The NCUA’s insurance fund covers up to $250,000 total for your single ownership accounts at KeyPoint, and $250,000 per account holder for joint accounts. Additional insurance coverage may be available for larger balances.
Moving into the Future
New banking technologies are improving the 21st century member experience. Credit unions have embraced features such as mobile banking and online bill pay. Most even offer a mobile feature that allows members to deposit checks by snapping a pic on their Smartphone. KeyPoint Credit Union members can access mobile and online banking 24 hours a day, with free e-Statements, mobile and online bill pay and mobile check deposits.
Credit unions have been around for more than a century, and they’re likely to be around for generations to come. With over 53,000 members and more than $1B in revenue, KeyPoint is one of California’s largest credit unions. Since 1979, we’ve helped members improve their financial health. By using our profits to provide lower rates on mortgage and auto loans, we’ve also enabled many of our members to make life’s big purchases. Call 888-255-3637, contact us online or visit your local branch for more information on joining the KeyPoint Credit Union community.