What is a Credit Union?

 

Credit unions are not-for-profit financial cooperatives serving members who share something in common-employment, association membership, or residence in a geographic area. More than 70 million U.S. consumers are member-owners of, and receive all or part of their financial services from, the nation's 12,047 credit unions.

District 08 FCU's field of membership shall be limited to those having the following common bond:

  • Employees of District 08 of the Louisiana Department of Transportation and Development who work in Dist. 08 area of operation;
  • Employees of the Louisiana Department of Transportation and Development, Baton Rouge Headquarters, residing or working in the District 08 areas of operation.
  • Contractors of District 08 of the Louisiana Department of Transportation and Development who work in District 08 area of operation.
  • Spouses of persons who died while within the field of membership of this credit union; persons retired as pensioners or annuitants from the above employment; employees of this credit union; members of their immediate families or household; and organizations of such persons.
  • Volunteers of District 08 Federal Credit Union

 

PHILOSOPHY AND STRUCTURE

Credit unions are democratically owned and controlled institutions based on 'people helping people' principles. Credit union boards of directors are elected by members; each member has an equal vote, regardless of how much he or she has on deposit. Only members may serve as directors, and directors serve without compensation. Credit unions have no outside stockholders, so after reserves are set aside, earnings are returned to members in the form of higher dividends on savings, lower loan rates and lower cost services.

© 2017 District 08 FCU