What is a credit union?
Credit unions are not for profit financial cooperatives, owned by the people who save and borrow there. Every saver is a member, and every member is an owner, with an equal right to vote in the election of the credit union's board of directors.
What are the benefits of credit union membership?
Since the basic philosophy behind credit unions is to get people together to save and borrow from their collective savings, there is no impersonal group of stockholders or outside directors. This means that credit unions can pay higher than average dividends on savings and charge more favorable rates for loans.
What are the real differences?
There are major differences between credit unions and other financial institutions:
| Not-for-Profit Cooperatives |
For Profit Corporations |
| Owned by Members |
Owned by Outside Stockholders |
| Operated by Volunteer Boards of Directors |
Controlled by Paid Board of Directors |
| Charge Lower & Fewer Service Fees |
Charge Higher & More Service Fees |
| Charge Lower Loan Rates |
Charge Higher Loan Rates |
| Pay Higher Annual Percentage Yields |
Pay Lower Annual Percentage Yields |
Is my money insured at a credit union?
Your savings are insured to $250,000 by the National Credit Union Administration (NCUA), a U.S. Government Agency.
Can I apply for a loan online?
You can apply for loans online by completing our online loan application. A loan officer will review your application and inform you of its status once a decision has been made.
Do you offer major credit cards?
We offer a VISA® Platinum Card at rates as low as 9.95% APR. You can print an online application and mail it to Nutmeg State Federal Credit Union, PO Box 66, Rocky Hill, CT 06067-0066, ATTN: VISA Department.
If I'm a member is my family automatically eligible for credit union membership?
Please visit our membership area to learn more about who can join, how to join, and the benefits of joining our credit union.
Where can I use my ATM/Debit Card?
You can use your new card anywhere Mastercard® is accepted: retail stores, restaurants, supermarkets, travel agencies, hotels, airlines, etc. In fact, your card can be used at millions of locations around the world. In addition, since your ATM/Debit Card is an enhanced ATM Card, you can use it at any ATM displaying the CO-OP Network®, NYCE® or Cirrus® or MasterCard® logo.
Is my ATM/Debit Card a credit card?
No. It is an enhanced ATM card that can be used for payment on purchases anywhere MasterCard® is accepted. It works just like a credit card, but, the money for your purchases are deducted directly from your Share Draft (Checking) Account.