FAQ

Who can join Cheney Federal Credit Union?
A credit union exists to serve a specific group of people, such as a group of employees or the members of a community. This is called a "field of membership." The field of membership for Cheney Federal Credit Union consist of everyone who lives, works, worships or attends school in the Cheney or Medical Lake School Districts, and their immediate family members.
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Are savings deposits insured?
Yes. Your accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.
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What is the purpose of a credit union?
The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.

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Why are Credit Unions Tax Exempt?
Most financial institutions are owned by stockholders, who intend on making money from their investment. A credit union doesn't operate in that manner. Rather, credit unions are owned by their members. Credit unions provide financial services in a democratic, not-for-profit, cooperative manner. The board of directors serve as unpaid volunteers, elected by and from the membership. Credit unions return all excess income to members in the form of higher deposit rates and lower fees and loan rates (not to stockholders and highly compensated directors).
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