The Credit Union Difference

The Credit Union movement is driven by the core values of people over profits. As a credit union our first priority is your financial success, and we focus on financial security.

Member accounts are federally insured up to $250,000 by the National Credit Union Administration (NCUA).

How Credit Unions are Different

  • Credit Unions are not-for-profit, member-owned financial cooperatives that exist to serve their members. Commercial financial institutions are owned by stockholders with limited voting rights.

  • Credit Unions operate to benefit the financial well-being of their members. They live by the people over profit mentality.

  • The average credit card interest rate in the United States is 27.94% according to Forbes Advisor’s credit card rate report as of early-March 2024. Interfaith FCU, a federal credit union, will not charge more than 18%.

  • Credit Unions are legally limited in their investment options by the NCUA. This creates a much more conservative investment strategy driven by the goal of sustainable stability. Commercial for-profit banks are working to produce higher profits for stakeholders.

  • Credit Union board of directors are often volunteers, passionate about the community and field of membership they serve. Commercial banks often pay their board members an annual retainer as well as additional funds for meeting attendance.

HOW INDIVIDUALS CAN INSURE DEPOSITS OVER $250,000 IN YOUR CREDIT UNION ACCOUNT

The National Credit Union Administration (NCUA), an independent federal agency, insures deposits at all federally insured credit unions. This insurance will protect up to $250,000 of the funds in your accounts. For most people, this means they will never have to worry about losing the money entrusted to their credit union.

Place a Joint Owner on your Account - The $250,000 insurance protection on your account is per each individual owner on the account. This means an account with a Primary and Joint owner is insured for up to $500,000 instead of just $250,000.

Place Money in an IRA - If saving for retirement is part of your long-term financial goals, opening an Individual Retirement Account (IRA) can provide additional insurance. Your IRA is insured up to $250,000 as well, separately from your savings/checking account.

Create a Trust Account - Another option for storing additional funds is a trust account. The NCUA insures trust accounts up to $250,000. Additionally, the NCUA also insures a trust account for an additional $250,000 per beneficiary of the trust.

Peace of mind is yours when you have your money in Interfaith Federal Credit Union. We are federally insured, which means our members’ funds are covered by NCUA’s share insurance. To make sure all your money is covered by NCUA share insurance use the free NCUA share insurance estimator.