How A Credit Union Works


A credit union is a not-for-profit financial institution owned by the people who use its services. These people are members. Credit unions exist to provide a safe place for members to save and borrow at reasonable rates. The National Credit Union Administration, an agency of the federal government, insures deposits of credit union members for up to $250,000.

Credit unions are for everyone, but the law places some limits on the people they may serve. A credit union's charter defines its "field of membership," which could be an employer, church, school, or community. Anyone working for an employer that sponsors a credit union is eligible to join that credit union. For MSFCU's current field of membership, please see our Membership page.

How is a credit union different from a bank or savings and loan?

  • Banks and savings & loan institutions are in the business to make a profit by their stockholders, whose interest includes a healthy return on their investments.
  • As not-for-profit organizations, credit unions exist to serve their members, not to answer to stockholders.
  • Credit unions manage their members' money locally and efficiently.

How can I join the credit union?

If you are eligible for membership in the credit union, then you may open a shares account with a minimum deposit of $5.00. This $5.00 must stay in your shares account to keep you an active member of the credit union. Everyone who joins the credit union MUST have a shares account.

As a result of the USA Patriot Act, MSFCU is required to following certain procedures for identifying and verifying the identity of persons that open new accounts. This act helps our government fight the funding of terrorism and money laundering. When you open an account with MSFCU, we will request such information as your name, address, telephone numbers, date of birth, and your Social Security Number. You will also be asked for 2 forms of photo identification (driver's license, work ID, student ID, passport, etc).

Governing Bodies:
When the annual meeting of membership is held each January, volunteers are elected to serve on the Board of Directors, who in turn make the policies that govern the operation of the Credit Union.
The Supervisory Committee periodically audits the Credit Union to ensure policies and procedures are being followed and serve in a review, audit, and appeal capacity for lending. The Board of Directors, Supervisory Committee, and Staff ensure that all member transactions are held in strict confidence.

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