What is the minimum amount I need to open a credit union account?

Some credit unions require as little as $5 to initiate an account.

Is my money safe in a credit union?

Yes, through the protection of the federal government's National Credit Union Share Insurance Fund, each depositor is insured up to $250,000 for individual accounts and $500,000 for a joint account. This fund protects all depositors across the United States, and ensures that every depositor will be paid up to the maximum in case the credit union ever becomes insolvent.

How many people have money saved in credit unions? Eighty-two million people regularly use credit unions to save.

How much money do Americans save at credit unions? More than $520 billion is saved in credit unions today.

How many credit unions are in the United States?

There are more than 7,000 federally insured credit unions in the United States.

How much money have credit unions lent to members in 2013?

Credit unions lent approximately $631.5 billion to members in the year 2013.

What is an "overdraft"?

An overdraft occurs when you write a check or make a withdrawal from your account for an amount in excess of your current balance.

How many people overdraw their accounts?

Over 50 million people overdraw their accounts each year, and 27 million overdraw their accounts more than five times each year.

How much money do banks and credit unions earn from overdraft fees?

Banks and credit unions earn more than $24 billion per year from overdraft fees.

Americans spend more money on overdraft fees each year than they do on buying vegetables.

Americans spend more money on overdraft fees each year than they do on buying vegetables.

Do people spend more money on overdraft fees or vegetables during a year?

According to the Center for Responsible Lending, American families spend $22.8 billion on vegetables every year, and $24 billion on overdraft fees.

How much have overdraft fees been growing over the past few years?

From 2006 to 2009, overdraft fees charged by both banks and credit unions have grown an average of 35% per year.

Why do account holders put their accounts in overdraft situations?

Account holders put their accounts in overdraft situations because of the wide availability of debit cards and their (mis)management of these expenses. People are becoming accustomed to making many small purchases with debit cards, instead of using cash. Even one purchase for a few dollars, when it arrives at an account short of cash, will cause the account holder to be charged nearly $35 at some institutions.

 
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