Frequently Asked Questions

What Is A Credit Union?

A Credit Union is a not-for-profit financial cooperative owned by the people who use its services. Instead of paying profits to shareholders, credit unions return earnings to members through better rates, lower fees, and personalized service. They focus on meeting members' financial needs and supporting the communities they serve.

Credit Union vs. Bank
Ascension Credit Union
(People-First)
Traditional Banks
(Profit-First)
Owned by MembersYou're an owner, not just a customer
Owned by ShareholdersProfits go to investors, not you
Not-for-ProfitEarnings go back to you in better rates and fewer fees
For-Profit ModelHigher fees, lower savings returns
Local ImpactMoney stays in our five parishes, supporting schools, small businesses, and families
Money Leaves the CommunityDecisions often made outside the parish
Personal ServiceRelationships matter; every member has a voice
Customer, Not OwnerService can feel corporate and transactional

What is the difference between Ascension Credit Union and a bank?

Ascension Credit Union is a not-for-profit, member-owned cooperative where earnings go back to members through lower fees, better rates, and personalized service. Banks are for-profit institutions owned by shareholders, with profits leaving the community. At ACU, money stays local, supporting families, schools, and small businesses in the parishes we serve.

How are the Credit Union's earnings used?

At Ascension Credit Union, earnings are returned to members through better rates, lower fees, and free ATMs. Banks distribute profits to shareholders instead of customers.

Is money in a Credit Union insured the same way as a bank?

Yes. Credit Union deposits are insured by the NCUA up to $250,000, similar to FDIC coverage at banks.

ESI is a free service that allows members to deposit funds over the NCUA insurance threshold. NCUA covers up to $250,000. Anything more than that is not covered by NCUA. ESI steps in so the member can be insured up to $1,000,000, including the $250,000 from NCUA. That's an additional $750,000 of coverage.

Who makes the decisions at a Credit Union?

Credit Unions are democratically governed with one-member, one-vote elections, while banks' decisions are made by shareholders based on ownership stakes.

How many locations can I use for transactions?

Credit Union members have access to over 5,600 shared branches nationwide. Banks usually limit access to their own branch network.

How does banking with a Credit Union help the community?

Ascension Credit Union reinvests in the community and supports local initiatives, unlike many larger banks that focus on broader markets.

Am I considered a member or just a customer?

At Ascension Credit Union, you're a member and an owner. At a bank, you're a customer whose fees and interest help generate profit for shareholders.