Federal Credit Union - FCU
 |
Definition of 'Federal Credit Union - FCU'A credit union chartered and supervised by the National Credit Union Association (NCUA), a federal government agency that functions much like the FDIC. Federal credit unions operate like retail banks with one major exception: every credit union member is also a partial owner of the institution. Credit unions operating under the label "federal" are not directly run by the government or limited to government employees. Rather, they've simply opted to organize themselves under federal credit union regulations instead of state banking laws. |
 |
Investopedia explains 'Federal Credit Union - FCU'Some feel that credit unions may be one of the best-kept secrets of consumer banking. Since these organizations are essentially owned by the people who deposit money with them, credit union members often enjoy higher rates on their savings accounts and lower costs of borrowing than customers at traditional banks. Making credit unions even more attractive is the fact that deposits are protected by the the U.S. Treasury similar to FDIC insurance, as long as the credit union is either federally chartered or a state-chartered credit union that has opted to participate in NCUSIF. |
Related Definitions
Articles Of Interest
-
The Best Way To Borrow
There are many avenues from which to drum up funding. Find out the pros and cons of each. -
Choose To Beat The Bank
From internet banking to credit unions, it's in your power to cut fees and maximize service. -
Tired Of Banks? Try A Credit Union
These nonprofit organizations can provide a range of services for lower fees. -
How To Break Up With Your Bank
Whether you're moving or have just found a better no-fee plan, find out how to switch banks with ease. -
10 Steps To Help Erase Errors On Your Credit Report
According to a study conducted by the Federal Trade Commission, one in four consumers identified errors on their reports that might affect their credit rating in 2013. -
How To Reduce Your Debts Without Spending Unnecessarily
While it is not possible to repay your debts without investing money into the process, you should avoid spending unnecessary sums of cash in the pursuit of a financially liberated future. -
How Your VantageScore Credit Report Is Calculated
Deficiencies in the FICO credit report have led to the creation of a new credit scoring system - the Vantagescore. Find out what factors determine this credit score, and how the model can benefit ... -
Can't Get A Bank Loan? Turn To Your Neighbor
Peer-to-peer lending can be an inexpensive way to gain access to credit when banks are restricting lending -- but you need to understand the entire deal first before jumping in. -
What's On A Consumer Credit Report?
A look at the various components and considerations that go into one's credit report and credit score. -
Reasons You Should Use Your Credit Card For Purchases
Paying for everything with your credit card will earn you rewards and protect you against fraud, among other benefits.
Free Annual Reports