Frequently Asked Questions
What is a credit union?
Credit unions are not-for-profit financial cooperatives which are established to serve a group of people with some type of common bond (i.e. employment, geographic location, etc.).
What is the purpose of a credit union?
The purpose of a credit union is to offer its members quality financial services at a cost that is lower than those found at traditional financial institutions. The fact that a credit union is owned by its members, not profit-driven stockholders, is what allows for the low-cost services. Earnings are returned to members in the form of lower fees, higher rates of return on deposits and lower rates on loans.
Are my deposits federally insured?
Yes, The National Credit Union Administration (NCUA) provides insurance coverage of up to $250,000 for your credit union account(s). To learn more about the type of accounts and the total amounts that the NCUA may insure, click the following link that will take you directly to the NCUA: http://www.ncua.gov/DataApps/Pages/SI-Tools.aspx.
What types of services are offered?
Originally, credit unions offered only traditional savings and consumer loan products. Today, however, most credit unions offer numerous services such as checking accounts, certificates of deposit/share certificates, mortgage loans, ATM banking and debit cards, just to name a few.
How can I join?
If you are a resident of or work in Stephens, Franklin, Hart, Rabun County, or your company is currently affiliated with North Georgia Credit Union, simply complete the online membership application or stop by one of our offices.
North Georgia Credit Union Members’ immediate family members are also eligible to join.