What Is A Credit Union
Wondering what Member-owned and not-for-profit really mean? Learn more about what makes credit unions different than other financial institutions
Call us at 800-341-9911 or visit an office
Everyone needs a place to keep their money. But why should you choose a credit union like Royal instead of a bank? And what is a credit union, exactly?
How Credit Unions Are Different
A credit union is a not-for-profit financial institution owned by its Members. It may sound odd, but credit unions like Royal are not here to make money. Instead, we’re here to offer our Members the best banking experience possible!
- Any profits that a credit union makes are returned to Members in the form of better rates, fewer fees, and more free services. This is different from a bank: banks seek to maximize profits for their private owners or shareholders.
- A note about Membership: Royal’s community charter means that anyone who lives or works in the counties we serve is potentially eligible to become a Member. (Review Royal's full eligibility information for more details about who can join.)
Credit Unions Offer Great Service
Because every Member owns a share of the credit union, we have a strong emphasis on customer service.
- We try to treat everyone like they own the place, because they really do!
- We listen to our Members’ wants and needs to ensure they are satisfied with their experience.
- We provide products and services that are in our Members’ best interest. We do not offer a product to boost our bottom line
As a Member of Royal Credit Union, you gain a financial ally that you can trust to provide honest advice and suggestions for ways to save money and achieve your dreams.
Credit Unions Have Top Technology Too
Since we’re here to provide the best experience, we’re deeply invested in tools and technologies that make things easier for our Members.
- We have a top-rated mobile app with remote check deposit.
- We have a powerful, easy-to-use online banking system.
- We have modern security features like EMV chip cards and sophisticated fraud monitoring for all accounts.
- We've recently added real-time account alerts, the ability to schedule an appointment at one of our offices online, and a virtual assistant who is available 24x7 right here on rcu.org.
- We support digital wallets for tap-to-pay convenience, and we’re working hard to bring you voice banking services in the future.
The bottom line is you don’t have to worry about missing out on technology features when you choose Royal. We like to say we have it all!
Join Royal today and experience the credit union difference!
Frequently Asked Questions
What is a credit union, and how is it different from a bank?
A credit union is a not-for-profit financial cooperative owned by its Members rather than by outside shareholders. Royal Credit Union is owned by the people who bank here, and earnings are returned to Members through better rates, lower fees, and more free services instead of being paid out to shareholders or investors. Banks are for-profit companies owned by shareholders. Deposits at Royal Credit Union are federally insured by the National Credit Union Administration (NCUA), the same way deposits at a bank are insured by the FDIC.
Who can join Royal Credit Union?
Royal Credit Union serves Members across west-central Wisconsin and eastern Minnesota. Anyone who lives or works in one of the counties Royal serves are eligible for Membership. Other ways to qualify for Membership at Royal Credit Union include having an immediate family member who lives or works in one of the counties Royal services, making a $5.00 donation to the RCU Foundation, or belonging to a specific group or having a specific employer.
What do I need to open an account at Royal Credit Union?
To open a personal deposit account (such as a checking, savings, money market, IRA, HSA, or certificate), you'll need a valid photo ID, your Social Security number, date of birth, current address, phone number, email address, and an initial deposit of $5.00 or more. If you're not already a Royal Member, you may also need proof of address and a second form of identification. If you'd like to add a beneficiary, please have their name and Social Security number available.
To apply for a loan (such as a personal, auto, recreational vehicle, or credit card), you'll need a valid photo ID, your Social Security number, date of birth, contact information, current and recent address history, and details about your employment and income for the past two years. Vehicle loans also require information about the vehicle you're financing, though estimates are fine if you're still shopping. Any co-borrowers will need to provide the same information.
How do I switch my checking account to Royal Credit Union?
You can use our checking account switch kit to switch your checking account to Royal Credit Union. The kit will guide you through setting up your new account, moving direct deposit and any automatic payments, and closing your old checking account once everything has cleared. Royal can help with this process at any office or by phone at 800-341-9911.
Is a credit union checking account better than a bank checking account?
Credit union checking accounts, including those at Royal Credit Union, often carry lower fees and better rates than bank accounts because credit unions are Member-owned and return earnings to Members rather than to shareholders. Royal Credit Union offers several checking accounts options to fit your banking habits and financial goals. All checking accounts at Royal come with a free Visa debit card, free online and mobile banking, and access to more than 40,000 surcharge-free ATMs nationwide through the MoneyPass network.
