Frequently Asked Questions

What is a credit union?

A credit union is a cooperative, not-for-profit financial organized to promote thrift and provide credit to members. It is member owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policies that sets dividend and loan rates, and directs certain operations. The results are members will be provided with a safe, convenient place to save and borrow at reasonable rates at an institution, which exists to benefit them, not to make a profit.

Who owns a credit union?

BVA Federal Credit Union is a not-for-profit financial institution whose primary purpose is to satisfy the financial needs of its members. Unlike banks, credit unions are "member-owned" and operated. While other financial institutions operate for profit, BVAFCU returns excess earnings back to our members through lower interest rates and services. Rather, each credit union member owns one "share" of the organization. The user of credit union services is also an owner, an is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.