Why Join a Credit Union Instead of a Bank?
If you’re comparing a credit union with a bank, the two can look a lot alike at first. Both offer checking and savings accounts, loans, credit cards, debit cards, and online banking. So what makes a credit union different?
The answer has less to do with the products and more to do with who it belongs to. Let’s walk through what a credit union is, why you might choose one, and what membership looks like at North Coast Credit Union.
What Is a Credit Union?
A credit union is a not-for-profit financial cooperative. That’s a fancy way of saying it’s owned by the people who bank there.
When you open an account, you become a member, and part-owner. Since there are no outside shareholders waiting on a return, earnings go back to members as lower fees, lower loan rates, and higher savings rates.
North Coast Credit Union has worked this way since 1939. Our membership today is open to anyone who lives, works, attends school, or worships in Washington State.
Credit Union vs. Bank: What’s Different?
| Credit union | Bank | |
|---|---|---|
| Ownership | Owned by its members | Owned by shareholders and outside investors |
| Structure | Not-for-profit financial cooperative | For-profit company |
| Where earnings go | Back to members as lower fees, lower loan rates, and higher rates on savings | To shareholders as profit |
| Who can join | Anyone who meets its membership requirements, such as living or working in a certain area | Generally open to the public |
| Your say | One member, one vote, no matter your balance | Shareholders vote, based on how many shares they own |
| Deposit insurance | NCUA, up to $250,000 | FDIC, up to $250,000 |
| Earnings on deposits | Called dividends | Called interest |
What Are the Benefits of Joining North Coast Credit Union?
Being a member-owner shows up in everyday ways. Here are six of our favorites.
1. You’re an owner, not just a customer.
As a member, you get a say in how North Coast Credit Union is run. Members vote for our volunteer Board of Directors and Supervisory Committee, and everyone gets one vote, no matter their balance.
2. Your membership can help you keep more of your money.
Our Free Checking has no monthly maintenance fee and no minimum balance. Add competitive loan rates and dividends on your savings, and more of your money stays with you.
3. You get convenient, modern banking.
Deposit a check from your phone, pay bills, set up eAlerts, or add your card to your mobile wallet. With thousands of surcharge-free ATMs nationwide, cash is easy to get to, even when you’re nowhere near one of our branches.
4. Membership comes with additional perks.
Members also get free notary service at any of our five branches, access to document shredding events, Skip-a-Pay on qualifying auto loans, special member discounts, and a no-cost $2,000 accidental death and dismemberment policy through TruStage.
5. You have a financial partner for life’s next steps.
Maybe you’re building your savings, buying a car, or getting ready for a home of your own. Whatever’s next, we’ve got the accounts, loans, and personal support to help you Thrive.
6. Your membership helps strengthen our communities.
As a cooperative, we reinvest in our members and the communities we serve. When you bank with us, you’re helping build stronger financial futures right here, close to home.
Is My Money Safe at a Credit Union?
Short answer: yes! Your deposits at North Coast Credit Union are federally insured by the National Credit Union Administration (NCUA), a U.S. government agency. Coverage is up to $250,000 per owner, for each type of account ownership. That means joint accounts and most retirement accounts are each insured separately, up to $250,000.
That’s the same coverage limit banks have through the FDIC, and it’s backed the same way, by the full faith and credit of the United States. Different agency, same peace of mind.
Why Should I Choose a Credit Union Over a Bank?
It comes down to what you want from the place that holds your money. At a credit union, you get the everyday products you’d expect, the same federal protection for your deposits, and something extra: a financial home that’s owned by the people it serves. That means decisions are made with members in mind.
If you’re looking for a place that feels personal, puts people first, and gives back to the community around you, a credit union is a great fit.
Why Local Matters
North Coast Credit Union started in 1939 in the Bellingham firehouse. Back then, loans came out of a single cash drawer kept in a desk, and a conversation might stop halfway through if the fire bell rang. A lot has changed since then. Our focus on our members hasn’t.
Today, we’re ready to meet you where you’re at, whether that’s online, in one of our branches, or out at local events across Whatcom and Skagit counties. We look for every opportunity to say yes to our members and our community.
You can stop by any of our branches in Anacortes, Bellingham, Ferndale, Mount Vernon, or Sedro-Woolley and sit down with someone. It’s a great option when you have questions about your first mortgage or need help with a loan. Our branches are open Monday through Friday, 9:00 a.m. to 5:30 p.m., and you can book an appointment ahead of time if you’d rather not wait.
You can also call (800) 696-8830 and talk to a real person. Our contact center is available Monday through Friday, 8:00 a.m. to 6:00 p.m., and it’s a quick way to get help if you spot a charge on your account you don’t recognize. If your card is ever lost or stolen, you can report it any time using the number on the back.
How Do You Join a Credit Union?
Every credit union has what’s called a field of membership. That’s just the group of people it’s allowed to serve. Some are tied to an employer or a profession, and many are based on where you live, work, worship, or go to school. Find one that fits, open an account, and you’re a member. It’s that simple.
How to Join North Coast Credit Union
Ready to join? Here’s what you’ll need to open an account:
- Your name, address, and date of birth
- A non-expired, government-issued photo ID
- Your Social Security number or ITIN
There are three easy ways to get started:
- Apply online in a few minutes
- Schedule an appointment at any of our five branches
- Call (800) 696-8830 to talk with someone who’ll walk you through it
Switching from another bank or credit union? Our Join Us page has a step-by-step checklist for moving your direct deposits and automatic payments, so nothing gets missed.
Frequently Asked Questions
What is the main difference between a credit union and a bank?
Ownership. A bank is a for-profit company owned by shareholders. A credit union is a not-for-profit cooperative owned by its members, so it returns earnings to members through lower fees, lower loan rates, and higher savings rates.
Is a credit union as safe as a bank?
Yes. Federally insured credit unions are covered by the NCUA up to $250,000 per share owner, per insured credit union, per ownership category. That is the same limit the FDIC provides at banks, and both are backed by the full faith and credit of the United States.
Who can join North Coast Credit Union?
Anyone who lives, works, attends school, or worships in Washington State.
Do credit unions pay interest?
Credit unions pay dividends, which work the same way interest does at a bank. The name is different because the money is a share of the credit union’s earnings being returned to its member-owners.
Ready to Thrive?
Everyone’s thrive looks different. Maybe it’s a trip, a degree, or just a little breathing room. Whatever yours looks like, we’d love to help you get there.
At North Coast Credit Union, our goal is simple: Helping YOU Thrive. Becoming a member only takes a few minutes, and we can’t wait to welcome you!