Frequently Asked Questions

What are the main differences between a Credit Union and a traditional bank?

The main difference is that a Credit Union is member-owned and not-for-profit.

Will Village Financial Cooperative have a State charter?

Yes, we are applying for a State charter through the Minnesota Department of Commerce.

 

Will deposits be federally insured?

Yes, there will be federal deposit insurance through the National Credit Union Administration.

When will the Credit Union be open for business?

Our current target is a grand opening in Q4 2022.

Will you have branch locations or just digital services?

We will have both.  Plus, our members will have access to shared branch services at other credit unions, when that is more convenient.

What are the next steps?

First, we must receive the State charter and initial capitalization.

Then, we will begin to launch the back office technology requirements for the Credit Union.

How can I get involved right now?

Please complete the community survey and attend community outreach meetings.

Also, please contact city and state officials or ABEP to provide a letter of support.

The Credit Union philosophy is based upon "People Serving People".

Credit Unions are not-for-profit and member-owned.
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