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:

  • Anderson
  • Blount
  • Campbell
  • Knox
  • Loudon
  • Roane
  • Sevier
  • Union

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!  

Open An Account