Q.   What is the difference between credit unions and other financial institutions?

A.    Credit unions are service-oriented, local, not-for-profit financial cooperatives that are owned by their members.  CUs are governed by a volunteer Board of Directors. All members have a voice in how the credit union operates.

Other financial institutions tend to merge, change names, or even go out of business. They are profit-based and stockholder owned. They tend to charge higher rates on loans and are more likely to charge fees and require high minimum balances. They are often owned and operated by out-of-state or foreign investors.

Q.   What is the NCUA?

A.   The NCUA is the National Credit Union Administration, an independent agency of the federal government. It is responsible for making sure all credit unions are operating soundly. It is our regulatory and supervisory agency.

Q.   Do you offer stocks, bonds, or other investment opportunities?

A. A financial services program, called MEMBERS Financial Services, designed especially for credit union members is available at Glass City. This program offers a variety of investment opportunities.  The MEMBERS Financial Services representative, Melvin Boes, is located right in the credit union, and can answer any questions at no cost and no obligation.

Q.   Are my savings insured?

A. Your savings are federally insured to at least $100,000 (IRA deposits to $250,000) and backed by the full faith and credit of the United States Government by the NCUA, a U.S. Government agency. In addition, Glass City Federal offers Excess Share Insurance (ESI) to you at no cost.  ESI coverage provides an additional $250,000 of insurance once your balance exceeds the coverage provided by the NCUA. For more information about ESI, please visit www.excessshare.com.

Q.   What are Glass City’s locations, hours and phone numbers?

A.   Visit our Locations and Hours page for a complete list.