Your Choices Do Matter
When it comes to your taking control over your finances,
the choices you make today can positively impact both you and your community.
Does choosing Cove FCU really matter to my community?
In a word, YES! It not only matters to the bottom line of your finances, your choice also matters to your community’s bottom line. Credit Unions are able to lend to people with lower credit scores who are rebuilding after a “life happens” event, or to young people with no credit history. By helping lift these members up, our communities are lifted up as well. Choices do matter.
What are Credit Unions?
Credit Unions are not-for-profit financial institutions that exist to serve their members.
What’s the difference between a Bank and a Credit Union?
Like banks, credit unions accept deposits, make loans, and provide many other useful financial services. But credit unions are cooperative institutions, which means they are member-owned. There are no shareholders. Any profits generated by the institution are returned to its members in the form of larger dividends and lower interest rates.
Can Credit Unions provide a safe place to save and borrow at reasonable rates?
To quote our CEO, Bennie Hoppius, “Cove was created exclusively for people like you – to help you. Our profits go right back into the credit union, not into someone’s pocket. Cove is owned by its members, not by some millionaire or corporation.” So we always have your best interests in mind.
Why do I need to open a savings account with $5 to become a member at Cove FCU?
When you become a member at Cove FCU, you’re also taking part ownership in the credit union. As a member/owner you are entitled to certain rights such as the right to receive dividends and the right to an equal vote on issues concerning the credit union’s management. The $5 represents your membership or your “share” and is therefore required for receiving the products and services that the credit union offers. Should you ever close your membership, your $5 will be returned to you.
As a member, you can apply for any one of our products or services and start taking control over your financial future.