We are owned by the people, or members, who use our services.
Banks are owned and managed by their corporate shareholders.
Our profits are returned back to members in various forms like reduced fees, higher deposit rates and lower loan rates.
Profits are returned to shareholders.
Membership is based on a communal bond called the "field of membership." Our decisions are made with members in mind.
Banks offer services to anyone, anywhere. Decisions are made with shareholders in mind.
Our cooperative structure creates a common goal of the financial wellbeing of our members.
Most profits are made by charging feeds and high interest rates to customers.
Your deposits are federally insured up to $250,000 by the NCUA.
Deposits are federally insured up to $250,000 by the FDIC.
How do I become a member?
You qualify already if you:
What is a credit union?
The Credit Union National Association (CUNA) states "Credit unions are member-owned, democratically governed, not-for-profit cooperative financial institutions generally managed by volunteer boards of directors, with a specified mission of promoting thrift and providing access to credit for provident purposes to their members, especially those of modest means."
Like banks, credit unions accept deposits, make loans and provide a wide array of other financial services. But as member-owned and cooperative institutions, credit unions provide a safe place to save and borrow at competitive rates. Credit unions are democratically governed and elections are based on a one-member, one-vote philosophy. Accounts are insured by the National Credit Union Association (NCUA) up to $250,000.
Member-owned: Credit unions are owned by the people, or members, who use their services.
Not-for-profit: Profits made by credit unions are returned back to members in the form of reduced fees, higher savings rates and lower loan rates.
Membership: Members of a credit union share a common bond, also known as the credit union's "field of membership". Establishing a membership account at any credit union requires depositing and maintaining a par value share. For Y-12 FCU, the par value amount is just $1.
Membership in Y-12 Federal Credit Union is open to anyone who lives, works, worships, or attends school in the following counties in East Tennessee:
At Y-12 Federal Credit Union you are more than a member — you are part of our family.
Become a Y-12 FCU Member today!