Crow Wing Power Credit Union is Not-for-profit.
A credit union is a financial cooperative, owned and controlled by its members. Unlike a bank or other savings institution, it is not-for-profit, which means that earnings are returned to members in the form of better rates on their savings and loans, or are invested in new or improved services.
All members of a credit union have something in common. Once you purchase a share in the credit union, you become a member. As a shareholder, you help to set the policies and direction of the Credit Union by electing the board of directors on a one-member, one-vote basis.
Only members can borrow from credit unions. Credit unions specialize in consumer loans for cars, vacations, education, home improvements, personal emergencies, and other needs – often at interest rates lower than those of other lenders
Safe Saving with Crow Wing Power Credit Union
The declines in the stock market have no direct effect on Crow Wing Power Credit Union. By law, credit unions are not allowed to invest in the stock market or other speculative type investments. Members’ savings are mainly reinvested in loans to fellow members and debt obligations backed by the U.S. government.
Accounts at Crow Wing Power Credit Union, are insured by the National Credit Union Administration. Savings accounts are insured up to $250,000.00.
In this current environment of economic uncertainty, there is one thing you can be sure of. Crow Wing Power Credit Union continues to be one of the safest places to place your hard-earned savings.