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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