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What is a Credit Union?
A credit union is a cooperative, not-for-profit, financial institution, owned and operated by its members to meet their financial needs. A Credit Union serves members who share a common bond such as employment, education, social interest, location, or religion.
Who can Join?
Membership is open to any registered member of one of the following Catholic Churches:
St. John the Evangelist in Little Canada
St. Jeromes in Maplewood
Holy Redeemer in Maplewood
St. Odilias in Shoreview
St. Pius X in White Bear Lake
St. Mary of the Lake in White Bear Lake
Any family member of a current St. Johns CU member is also eligible to join the Credit Union.
As a member of St. John's Credit Union, you are also an owner! Every member holds a share in this not-for-profit, member-owned, and member-governed financial cooperative. Why be just a "customer" anywhere else when you can be an "owner" at St. Johns Credit Union?
How Does a Credit Union Operate?
Who Regulates Credit Unions?
The National Credit Union Administration (NCUA) regulates all federal credit unions. Under the authority of the Federal Credit Union Act, the NCUA prescribes rules and regulations for the organization and operation of all federally charted credit unions. The NCUA also provides insurance for all federal credit union accounts. Deposits are insured up to $100,000 for each member with an additional $100,000, for Individual Retirement Accounts.
A credit union is operated by its members. Everyone in a specific field of membership is eligible to join a credit union. The members elect a volunteer Board of Directors from their membership to oversee operations and work with the management staff to meet the goals of the organization. A Supervisory Committee is also made up of members to audit financial operations and ensure safety of members' funds. |
