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What are Credit Unions?

Credit Unions are not-for-profit financial institutions that exist to serve their members.

What’s the difference between a Bank and a Credit Union?

Like banks, credit unions accept deposits, make loans, and provide many other useful financial services. But credit unions are cooperative institutions, which means they are member-owned. There are no shareholders. Any profits generated by the institution are returned to its members in the form of larger dividends and lower interest rates.

Am I eligible to be a member of Cove?

Any persons who live, work, worship or attend school in Boone, Kenton, Campbell, Grant and Pendleton counties in Kentucky and Hamilton County, in Ohio are eligible to join Cove Federal Credit Union.

Why do I need to open a savings account with $5 to become a member at Cove FCU?

When you become a member at Cove FCU, you’re also taking part ownership in the credit union. As a member/owner you are entitled to certain rights such as the right to receive dividends and the right to an equal vote on issues concerning the credit union’s management. The $5 represents your membership or your “share” and is therefore required for receiving the products and services that the credit union offers. Should you ever close your membership, your $5 will be returned to you.

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  • “Moving our accounts to Cove FCU has been one of the better financial decisions we have made in quite some time. Instead of feeling like we are merely a number in the system, we have been welcomed into the CFCU family. Whether I have come into the Credit Union personally or the one time I had to call in an emergency from Washington DC, we have been consistently treated as a treasured partner. Not long after joining CFCU we participated in an Auto-financing class and through this process we quickly purchased a new adapted van to help transport my special needs daughter. CFCU stood by us throughout the process and helped broker the final deal. The process was so easy with CFCU’s help, my oldest daughter went through CFCU and purchased her own very first new vehicle a couple of months later. Our relationship with Cove and the people that work there is extremely rewarding! I highly recommend switching to Cove FCU!"
    Jason D. Salensky