Financial Matters: Credit union 101

   During The Buzz last week we got a question asking the difference between banks and credit unions. So we told the folks at BayPort Credit Union, and they were happy to let us know.  Diane Osborne, Manager of the Chesapeake Branch of BayPort Credit Union, is here to help.

    Diane says Credit Unions are not for profit organizations owned by its members whose goal is to operate at a lower cost thus passing on savings to its members. They are founded on the premise of "People Helping People."  Not for Profit, Not for Charity, But for Service.

Here are some more of our questions and Diane's answers!

**What type of products and services do credit unions offer?

Credit Unions are full service institutions who offer an array of services from savings, checking, to auto loans and mortgages.  Credit Unions stay current with technological services of on-line banking, as well as mobile banking. Credit Unions also offer completive rates.

**Who can join a credit union?

Some credit unions have restrictions (ex. Must be employed by the state to join a state operated credit union), but many credit unions are open to the general public within the communities they serve. Credit Unions embrace the philosophy of "once a member, always a member."  And one in three Americans belongs to a credit union.

**What does it take to join BayPort Credit Union?

All it takes is $5 to open a savings account. Stop by any one of our thirteen branches today!
 

For more information on BayPort Credit Union, log onto their website:  bayportcu.org