WHAT IS A CREDIT UNION? WHAT’S THE DIFFERENCE BETWEEN A CREDIT UNION AND A BANK?

HOW DO I APPLY FOR AN ACA-MEMBERS/SDFCU ACCOUNT? AM I REQUIRED TO FUND MY ACCOUNT TO COMPLETE MY SDFCU ACCOUNT APPLICATION? WHAT INFORMATION DO I NEED TO PROVIDE SDFCU TO OPEN AN ACCOUNT? HOW WILL SDFCU COMMUNICATE WITH ME DURING THE APPLICATION PROCESS? HOW LONG IS THE APPLICATION PROCESS? IS MY PERSONAL FINANCIAL INFORMATION DISCLOSED TO ACA? CAN I OPEN AN ACCOUNT AT SDFCU EVEN IF I LIVE ABROAD? CAN MY NON-US SPOUSE OR PARTNER OPEN AN ACCOUNT, OR BE A JOINT OWNER OF MY ACCOUNT? CAN I OPEN AN ACCOUNT FOR MY CHILDREN? WHAT CAN I DO WITH MY ACCOUNT? CAN I TRANSFER FUNDS IN MY SDFCU ACCOUNT TO MY FOREIGN BANK ACCOUNT? IS MY SDFCU ACCOUNT REPORTED TO U.S. CREDIT AGENCIES? CAN IT HELP ME BUILD A U.S. CREDIT RECORD? DOES SDFCU PROVIDE FINANCIAL COUNSELING AND CAN I USE MY OWN INVESTMENT ADVISOR? CAN I HAVE AN IRA OR ROTH IRA ACCOUNT OR A 401(K) ACCOUNT? CAN I DO ONLINE AND MOBILE BANKING WITH SDFCU FROM MY RESIDENCE OUTSIDE OF THE UNITED STATES? DOES SDFCU ISSUE CREDIT AND DEBIT CARDS? WILL MY SDFCU CREDIT OR DEBIT CARD BE ACCEPTED OUTSIDE OF THE UNITED STATES? CAN I GET A MORTGAGE FROM SDFCU TO BUY A PROPERTY? CAN THE PROPERTY BE OVERSEAS? CAN I GET A LOAN FROM SDFCU TO PAY FOR MY CHILDREN’S COLLEGE EXPENSES? IS SDFCU CONSIDERED A FOREIGN ACCOUNT OR A U.S. ACCOUNT FOR FATCA AND FBAR REPORTING? CAN I HOLD ACCOUNTS WITH SDFCU IN CURRENCIES OTHER THAN US DOLLARS? ARE FEES AND LOAN RATES THE SAME AT A CREDIT UNION AS THOSE CHARGED BY BANKS? HOW CAN I SET UP DIRECT DEPOSIT FOR TAX PAYMENTS, REFUNDS AND RECEIPT OF SOCIAL SECURITY BENEFITS? HOW DID SDFCU GET STARTED? IS SDFCU CREDIT UNION MANAGED BY OR PART OF THE U.S. STATE DEPARTMENT OF U.S. GOVERNMENT? WHAT IS A CREDIT UNION? WHAT’S THE DIFFERENCE BETWEEN A CREDIT UNION AND A BANK? WHAT “BANKING-LIKE” FINANCIAL SERVICES DOES A CREDIT UNION PROVIDE? IS MONEY IN AN ACA-MEMBERS/SDFCU ACCOUNT AS SAFE AS IT IS IN A BANK? STILL HAVE QUESTIONS? READY TO GET AN ACA-MEBMERS/SDFCU ACCOUNT? REMEMBER …..

WHAT IS A CREDIT UNION? WHAT’S THE DIFFERENCE BETWEEN A CREDIT UNION AND A BANK?

Answer

In the United States, a credit union is a not-for-profit organization which is organized in order to provide financial services to its members. Banks, especially those quoted on a stock exchange, are by definition entities which aim to maximize corporate profits. Conversely, credit unions reinvest their "profits" in their member-owners through better dividend and loan rates. There are nearly 100 million members of credit unions in the United States. SDFCU alone has over 88,000 members worldwide. What makes SDFCU the perfect “partner” is that it is accustomed to dealing with account owners around the world, from developed countries like Germany, France and Switzerland to less-developed, less well-known countries.