Robin Credit Union

A credit union is a cooperative financial institution, owned and controlled by its members who also happen to be the people who use its services. While credit unions are financial institutions they are unlike banks and savings and loans, in that their purpose is not to make a profit but to serve the financial needs of their members. The members of a credit union typically have something in common. They either have the same occupation or study in the same university or live in the same place. Credit unions evolved from the cooperatives of Europe. They gained popularity in the early part of the 20th century. In the United States, the spread of the credit unions coincided with the Depression as the safety and security of savings became paramount. The advantages of using a credit union are obvious – because these credit unions are not for profit and exist to serve their members, you can be sure that your money is being invested in safe place. You can also get loans at highly reasonable rates. Moreover, most credit unions offer all the services that banks and savings and loans do. Numerous credit unions exist and you should typically be able to find

at least a few that you can join as a member. Examples of credit unions include the Navy Federal credit union and the Robin credit union. Credit unions, like all other financial institutions, are closely regulated. Because their primary purpose is to safeguard the savings of their members, most credit unions operate in a very sensible and cautious manner. Moreover, credit union deposits are usually insured to some extent. The National Credit Union Share Insurance Fund, which is administered by the National Credit Union Administration, an agency of the federal government, insures deposits of credit union members at more than 11,000 federal and state-chartered credit unions nationwide.