Hampton Roads Educator's CU

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A credit union is a member-owned, not-for-profit cooperative financial institution. At credit unions, no one person or organization runs or owns the credit union. Each member is an owner. What makes a credit union different from a bank or savings & loan? Like credit unions, these financial institutions accept deposits and make loans--but unlike credit unions, they are in business to make a profit. Banks and savings & loans are owned by groups of stockholders whose interests include earning a healthy return on their investments. On the other hand, credit unions return their profits, after expenses and reserves, to members in the form of higher dividends on savings accounts, low rates on loans, and new or improved services. Additionally, the National Credit Union Share Insurance Fund (NCUSIF), administered by the National Credit Union Administration, an agency of the federal government, insures deposits of credit union members up to at least $100,000. The following are just a few of the reasons why you should make Hampton Roads Educators Credit Union YOUR primary financial institution