See All | Contract
Merrimack Valley CUMerrimack Valley CU
Join Now
Home > Tools > How is a credit union governed?

How is a credit union governed?

Share On:

How is a credit union governed?

Credit unions are are not-for-profit organizations owned by the credit union members and governed by their Boards of Directors. Once you join a credit union you are officially a part-owner of the institution. Every member, regardless of the amount in their account, can cast a vote to elect the credit union’s board members. Our board members are listed here.

Credit unions are also regulated by the National Credit Union Administration (NCUA)−just as banks are overseen by the Federal Deposit Insurance Corporation (FDIC). Both institutions insure accounts up to $250,000. The difference is that the NCUA covers regular shares and share draft accounts which are specific to credit unions and the $250,000 coverage limit applies to total deposits at a single institution. 

We are a state-chartered credit union, so accounts with more than $250,000 are insured by the Massachusetts Credit Union Share Insurance Corporation (MSIC), ensuring that all of your accounts are safe.  

Not a member yet?

Joining is easy! You can open an account with as little as $5. First determine whether you’re eligible for membership and then open your account today!

This answer has been viewed 266 times.

Related Questions
Locations E-Services Rates Open Account