What is a Credit Union?
People Helping People
A credit union is a not-for-profit financial institution owned by the people who use it — its members. That’s a fundamentally different model than a traditional bank, and it makes a real difference in your everyday financial life.
At Greater Experience Credit Union, every person who opens an account becomes a member — and an owner. You have a vote. You have a voice. And the profits we make go back to you in the form of better rates, lower fees, and more services.
Credit unions are built on the philosophy of People Helping People. We’re here to help you reach your goals.
The Difference
Credit Unions vs. Banks
Greater Experience Credit Union
Not-for-profit — earnings return to members
Federally insured up to $250,000 by NCUA
Volunteer Board of Directors working for members
Every member has equal ownership and one vote
Competitive loan and deposit rates designed to return value to members
Fewer fees on accounts
Higher dividend rates on savings
Traditional Banks
For-profit — earnings go to stockholders
Federally insured up to $250,000 by FDIC
Paid Board elected by stockholders
Stockholders have controlling ownership
Earnings paid out to stockholders
Typically higher fees
Typically lower savings rates
Common Questions
Frequently Asked Questions
What makes Greater Experience Credit Union different?
At GECU, membership means ownership. Instead of answering to outside stockholders, we're accountable to the people who bank with us.
That difference shapes how we approach service, financial education and the decisions we make for our members and communities.
What makes a credit union different from a bank?
Credit unions are not-for-profit financial cooperatives owned by their members. Banks are generally for-profit institutions owned by investors or stockholders. At a credit union, earnings are returned to members through products, services and other member benefits.
Is my money safe at a credit union?
Yes. GECU is federally insured by the National Credit Union Administration (NCUA) up to $250,000 per individual depositor — the same coverage limit as FDIC insurance at banks.
Who can join Greater Experience Credit Union?
Membership is available to people who meet GECU's geographic, employment, education, worship or family eligibility requirements.
What does it cost to join?
Just $5 to open your primary savings account. That’s all it takes to become an owner.