Credit Union 101 by SunWest Federal Credit Union (Phoenix, AZ)

Credit Union 101

When you become a member of SunWest Federal Credit Union, you become a part of our family. To us, your value isn’t defined by how many transactions you complete or by how much money you have. Instead, we value the intangibles you bring as a member-owner. We know you come with dreams and financial goals that are personal to you and only attainable through a meaningful relationship with your credit union. That’s why all of our products and services are created with you in mind.

The Credit Union Difference

Differences

Credit Unions

Banks

Ownership

Owned by members

Owned by shareholders

Profit Structure

Not-for-profit; profits are returned to local community & members

For profit; profits are returned to shareholders

Purpose

To address needs of individuals & local community

To maximize profits for shareholders

Board of Directors

Elected by members; unpaid volunteers

Elected by shareholders & paid by shareholders

Service Availability

Shared branching locations around the world

Bank branch locations

Federal Insurance

To at least $250,000 by the NCUA

To at least $250,000 by the FDIC

 

Creating Sense of Community

Unlike corporate banks, credit unions are focused on bettering communities and improving financial education. Giving back to our community isn’t just some ploy to attract your attention—it’s ingrained in who we are. Here at SunWest, we have made it part of our mission to help those who need it most. Whether it’s donating raised funds to local charities through our Refinance for a Reason program or helping our members get through difficult times through our Pay it Forward initiative, we know what it means to go above and beyond industry expectations. As a member of SunWest, you can count on us to make a difference where it matters and create better communities for future generations.

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