Houston Highway Credit Union has a link to “What is a credit union.”
http://www.lovemycreditunion.org/What-is-a-Credit-Union-155.html
What is a Credit Union?
A credit union is a member-owned, not-for-profit, cooperative financial institution.
Credit unions:
- Provide the same products and services—including surcharge-free ATMs, online financial services, and free savings and checking accounts—as other financial institutions
- Return their profits to their credit union members by providing better services, better rates, lower fees and special discounts
- Operate under the philosophy of “people helping people,” allowing their members to pool their savings, lend to one another, and own the organization
- Follow conservative investment practices and lend responsibly
Federal credit unions are chartered and supervised by the National Credit Union Administration (NCUA). Through this federal agency, savings in federal and most state-chartered credit unions are insured by the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the United States government. The funds in some credit unions are privately insured.
However, at Houston Highway CU, the rates are not better, the fees are not lower. They do not operate under “people helping people” because requiring an excessively high and uncalled for $3000 minimum share savings balance is not helpful to members. Houston Highway credit union is acting more than a bank than even most banks with the high $3000 minimum balance requirement to avoid fees.
Be sure to check out the other pages.
Houston Highway CU Credit Union 