What is the difference between a credit union and a bank?
Credit Unions are not-for-profit financial cooperatives owned by members and governed by a board of directors elected by, and from among, those members. Usually there is a common bond among the members, such as belonging to the same organization or living in the same geographical area. Credit unions accept deposits from their members and use them to make short-term loans. Deposits are regarded as purchases of shares, and earnings of the credit union are paid out to members with lower interest rates on loans and higher savings rates.
Banks are community, regional or national for-profit business corporations owned by private investors and governed by a board of directors chosen by the stockholders.
What are the benefits of membership at Service 1 FCU?
At Service 1 Federal Credit Union you are a member, not a customer. Everyone who belongs to the credit union is an owner of the credit union and is known as a member.
Service 1 Federal Credit Union is a federally chartered credit union that is insured and regulated by the federal government. All credit unions have membership eligibility requirements. Once you join, membership at Service 1 Federal Credit Union can last a lifetime.
How can I join?
Service 1 Federal Credit Union’s field of membership consists of over 350 companies from the Muskegon, Mobile and Neosho areas. We work closely with these companies to ensure that their credit union experience is a good one. Any person who is employed by a company that is affiliated with Service 1 Federal Credit Union is eligible to become a member simply by depositing $5.00 into a Share Account. Residents of Stone and Barry Counties in Missouri are also eligible.
Immediate family such as spouse, child, sibling, parent, grandparent, or grandchild of a member are also eligible for membership. For more information on individual or corporate membership eligibility contact Service 1 Federal Credit Union at 1-231-739-5068.