What is a Credit Union
Credit unions are chartered, regulated and insured.
SunWest is chartered by the federal government to serve those who live, work, worship, or attend school in either Maricopa County or the City of Tucson. We are also regulated by the National Credit Union Administration, which is an agency of the federal government. This means that all deposits up to $250,000 are insured by the National Credit Union Share Insurance Fund.
Credit unions are not-for-profit.
The federal government feels so strongly that credit unions, like SunWest, are vital to the financial well-being of America. As a result, SunWest is not required to pay taxes on operations. This enables us to pass the savings on to our members in the form of lower fees and service charges.
Credit unions are owned by account holders.
Although both banks and credit unions offer similar services, banks focus on shareholders while credit unions focus on account-holders. In other words, once you become a member, you also become part owner and have an equal share of ownership in the credit union—regardless of the amount of money in your account. Each year, our members elect our volunteer Board of Directors to represent them and guide the credit union.
Employees of credit unions are money experts.
SunWest is proud to offer accounts that are easy to understand and loans at rates competitive with the largest banks. Our employees are dedicated to keeping accounts and loans accessible to everyone and are required to be financially savvy. We’ve also never needed or taken a government bailout…now that’s smart business.
Credit Unions are easy to join.
Becoming a member of SunWest is quick and easy. Just visit any of our seven branches and you’ll be a member-owner in no time. You can even walk out of the branch with your new ATM or Visa debit card and start enjoying the benefits of credit union membership immediately.