Knowledge Base

What Is a Credit Union and How Do Credit Unions Differ From Banks?
Who Owns a Credit Union and How Is a Credit Union Governed?

Credit unions are not-for-profit organizations that are owned by its members whereas banks are for-profit institutions owned by shareholders. Once you join a credit union you are officially a part-owner of the institution. Every member, regardless of the amount in their account, can cast a vote to elect the credit union’s Board of Directors–a governing body that serves and represents the best interest of the members.

Because of these reasons, we are able to pass substantial savings on to our members in comparison with other financial institutions. You could save hundreds – perhaps thousands – of dollars each year by using credit union services as opposed to a commercial bank. As a member-owned financial institution, Truliant returns operating profits to our members, so you can enjoy:

• Fewer fees
• Lower loan rates
• Potentially higher rates of return on savings accounts
• Personal attention
• Free financial education
• And more!

Who can join Truliant?

Truliant is community chartered. You can join in several ways:

• If you live, work, worship or attend school in a county near one of our branches
• If you work for one of our business partners
• If you have an immediate family or household member who is currently a member of Truliant
• If you live in one of the 50 states of the United States, you can join through the American Consumer Council