Credit Union 101

What Is a Credit Union?
The mystery behind the words Credit and Union are revealed below.

Whether credit union membership is new to you or you've been a member for decades, it's easy to underestimate all the advantages a credit union provides.

  • Credit unions are cooperative and member-owned. Chaco exists solely to serve members, not profit from them.
  • Credit union membership lasts a lifetime – once you're a Chaco member, you're always a member.
  • We work hard to help you reach your financial goals, whether that means saving for retirement, paying for college, getting a handle on debt or buying a home.
  • Excellent service has become rare, but member satisfaction continues to be one of our top priorities.
  • Credit union members reap the value of more competitive rates and lower fees than most banks offer. A lower loan rate or a higher investment rate means more money in your wallet.
  • Our sophisticated tools such as free online banking, free bill pay and phone banking allow you to handle your finances anytime and from anywhere.
  • Because we want our members to achieve financial success, we offer a variety of education programs to help you take charge.
  • Once you join Chaco, your family members, including your spouse, children, parents, brothers or sisters, grandparents, aunts, uncles, nieces and nephews are eligible for membership.
  • We offer personalized solutions to your financial needs.

If you know someone who could reap the countless benefits of credit union membership, invite them to check us out. Encourage them to stop by any Chaco location or call 513-785-3500. 

Credit Union Dictionary – Terms Explained
Here is a general list of words commonly used in the credit union industry.

  • Member: A consumer of the credit union is called a member. They are called a member because they actually own a share in the credit union.
  • Share: A credit union term for a savings account. At Chaco, this account must have a $5 minimum balance to own a share in the credit union and partake in membership benefits.
  • Share Certificate: A credit union term for what is commonly known as a certificate of deposit or CD.
  • Share Draft: A credit union term for a draft or check. At Chaco, a Share Draft account is a checking account.
  • NCUA: National Credit Union Administration, an agency of the federal government that insures each member's account up to $250,000. (If you're familiar with the FDIC, Federal Deposit Insurance Corporation, this is the credit union's version of deposit insurance.)
  • ESI (Excess Share Insurance): Chaco members have an additional $250,000 in private deposit insurance as an added benefit (this is in addition to the NCUA insurance).

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Our Difference is Simple

When it comes to your financial plan, we understand what you need now and more importantly, what you need tomorrow. We are here to help you get the most out of both. Whether just starting out or preparing to retire, we help you become financially prepared and fully informed. At Chaco, we bring you the same expertise and competitive services as other institutions, but with the compassion and genuine care that can only come from being member-owned and operated. From CDs and savings to mortgages and more, we work to keep things simple when it comes to your finances – so you can focus on your life. And that makes a difference.