Call Us: 954-967-4441

M.A.R.S. Audio 800-419-0953

Membership

What is a credit union and why should I join one?

With so many financial institutions to choose from, why put your money in a credit union? What's the difference between a "credit union" and a bank anyway?

Credit unions are member-owned, not-for-profit, cooperative financial institutions. They are formed to allow members to pool their savings, lend to one another and own the organization where they save, borrow and obtain other related financial services. In other words credit unions are all about People Helping People.

Notice we've been referring to our "customers" as "members or member-owners" but why? Because at a credit union when you open your savings account you are actually aquiring "one share" of the credit union (which you'll notice we call our savings accounts share accounts), as well as paying your onetime membership fee (ours is only $5.00). This makes you more than just a "customer" it makes you a MEMBER-OWNER of the credit union.

Ok, so what? I'm a member-owner what's that get me?

Well since credit unions exist solely to serve their members, for those who belong, that means:

  • Friendly personalized service (hey we all own the place so we do our best to treat you how we want to be treated!)
  • A voice in how the credit union operates (please feel free to attend our annual meeting and make your voice/comments/suggestions be heard to our management staff and board of directors). Of course, we're always open to hear from you.
  • All our decisions on loans are made here locally
  • Fewer fees for the same services offered by other financial institutions
  • Lower lending rates
  • Higher savings rates
  • Special discounts offered to our members by our local and national business partners (see our Member Discount section for more details)

So you still what to know what exactly are the differences between banks and credit unions? Well here's some more information to help you better understand:

Banks are owned by groups of stockholders who main interest is to earn a healthy return on their investment. In contrast, credit unions exist to serve their member-owners, the people (like you) who save and borrow with us. In other words, credit unions return any profits to their members in the form of higher savings rates, better services, and lower borrowing rates. Banks give their profits to their stockholders, and if those profits are good enough they continue to raise your fees, borrowing rates and lower your savings rates so they can earn even more profit.
 

Credit Union

 

Banks

Not-For-Profit
Not-for-Charity, But For Service
  For-Profit
(as much as they can get from you!)
Owned by YOU the Member   Owned by Stockholders
(who might not even bank there!)
Volunteer Board of Directors
(elected by the membership from the membership)
  Compensated Board of Directors
(highly paid individuals trying to figure out how to get more money out of you the customer or the government)
Tax Exempt
(we do not pay federal tax-kind of like a charity)
  Taxed
(but they can apparently access your and mine hard earned tax money in the form of TARP)
Deposits are Federally Insured to at least $250,000 by the NCUA
 (National Credit Union Administration, a Federal Government Agency...similar to the FDIC but just for Credit Unions)
  Deposits are Federally Insured
to $250,000 by the FDIC


Ok, so now your convenience that credit unions might be a better way to bank...but why SUN Credit Union?

First of all we want to be your partner and help enhance your financial life. Our name says it all: SUN stands for Service, Unity, Neighbor. It's our mission to provide you with quality service, strength through unity and be a trusted neighbor. To learn more about our history click here.

We are dedicated to helping our members out the best we can which is why to join SUN Credit Union we only require a minimum deposit of $5.00 (which establishes your "share" of the credit union-and is placed in your main savings account with us) and a $5.00 onetime membership fee.

Once you've established your membership (which you must qualify for, click here for our membership qualifications) you are eligible to enjoy all the benefits of membership such as:

  • Free Checking w/no minimum balance requirement

  • Free ATM access though the Presto! Network which are the ATMs located outside of Publix

  • Apply for a loan or credit card

  • Open additional savings accounts like a Christmas Club Account

  • Invite your family members to join and save as well.

  • Plus so much more...just cruise our website to see all that we offer

We welcome you to come experience a real difference in banking at SUN Credit Union.

 

Call Us: 954-967-4441          Fax: 954-967-4440          M.A.R.S. Audio 800-419-0953          Routing Number 267078707