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About a Credit Union

At Members Plus Credit Union, you are a member as well as an owner. Ownership means that your credit union’s earnings are returned to you in the form of higher dividends and lower loan rates.

A credit union is a not-for-profit co-operative effort of people pooling their resources in an effort to achieve financial stability for all. People who belong to a credit union have a common bond – they work at the same place, attend the same church, or live in the same community. A credit union is not a credit bureau; it is not a labor union; it is not a loan company or a financial house; it is a group of people who have joined forces to manage their own money. Its basic objectives are to teach and encourage thrift among members, and through their combined savings, extend to members credit for any worthwhile purpose.

The Board of Directors of the Credit Union is elected from and by the membership and has the direction and control of credit union affairs. It sets the policies under which the credit union operates, subject to Chapter 171 of the General Laws of the Commonwealth, the National Credit Union Administration, and the Commissioner of Banks.

Benefits of a Credit Union

Credit unions are member-owned.
If you have an account at a credit union, you’re part owner in the enterprise. There are no shareholders.

Credit unions are not-for-profit.
This status helps explain why interest rates tend to be significantly better, and fees are usually fewer and smaller, at credit unions compared to banks.

Your money is safe.
Federally insured by the National Credit Union Association (NCUA) federally protects deposit funds up to $250,000 for individual accounts. In addition, Excess Share and Deposit Insurance from Massachusetts Credit Union Share Insurance Corporation (MSIC) provides credit unions an extra layer of deposit insurance coverage.

With Excess Share and Deposit insurance, credit union members can deposit large balances without needing to worry about diversification.

A home sale, an inheritance, the sale of a business – any of these events could quickly increase a depositor’s balance well above the $250,000 mark. Excess Deposit Insurance provides safety, simplicity and convenience to depositors, at no direct cost to the individual credit union member.

Democratic process.
The board of directors is elected by the union’s membership and works on a volunteer basis. Unlike banks, credit union members have a direct say in who is elected to run the credit union.

Lower fees.
Comparatively, credit unions have lower fees for services than banks.

Better interest rates on loans.
Interest rates are typically better through credit unions, which traditionally have been among the leaders in auto loans.

Easy to join.
Anyone who lives in Middlesex, Norfolk, Plymouth, and Suffolk counties is eligible to join Members Plus.

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