What's A Credit Union

What makes them different from banks and other financial institutions?

A Credit Union is a "not for profit" financial cooperative that is owned by the people who use its services. Credit Unions serve people that share something in common, such as where they work, live or worship. This common bond is referred to as a "field of membership". Click here for a list of those who can join the membership at Sentinel Federal Credit Union.

While it is true that Sentinel Federal Credit Union offers many of the same services as other financial institutions, there are a few things that make us different:

We�re a financial cooperative and not in business solely to make a profit.

We exist to provide you with a safe and convenient place to save and borrow money at reasonable rates.

We�re owned by you, the member, not by some distant company, individual or corporation.

Profits are returned to you, the member, in the form of lower loan rates, higher savings rates, or more services.

As much as possible, funds are spent and put back into the local community.

The Board of Directors is elected by the membership at the Credit Union�s annual meeting, from among the ranks of the membership and are unpaid for their service. This is normally done in May each year. These volunteers then establish policy and make decisions that benefit the membership as a whole. If you�re interested in serving, please let us know. The Board then hires a president who in turn manages the day to day operations and administers the staff.

The Credit Union�s records and business activities are also examined by the National Credit Union Administration, NCUA, an agency of the United States Government. NCUA examines the operation of the Credit Union and insures the safety of your savings up to $100,000.

The Credit Union is also audited annually by an outside professional auditing firm. We also have on staff, an in-house Supervisory Clerk and Supervisory Committee who are responsible for assuring that the funds of the Credit Union are managed properly and that all records are in order. The Supervisory Committee is appointed by the Board of Directors.