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FAQs

What’s a Credit Union?

Who can join Shore to Shore Community Federal Credit Union?

Where is Shore to Shore Community Federal Credit Union located?

How did credit unions start?

Are savings deposits insured?

Who owns a credit union?

What is the purpose of a credit union?


What's a Credit Union?
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a Board of Directors elected by the membership. The Board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit. 

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Who can join Shore to Shore Community Federal Credit Union?
Shore to Shore Community Federal Credit Union is a credit union serving individuals who live, work or worship in the communities of Trenton, Woodhaven, Grosse Ile, Allen Park, Brownstown, Ecorse, Flat Rock, Rockwood, Gibraltar, Lincoln Park, Melvindale, River Rouge, Riverview, Southgate, and Wyandotte. 

If someone in your family belongs to Shore to Shore Community Federal Credit Union you may also join. If you are in our field of membership you can join simply by coming into the Credit Union or by filling out our online membership application.

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Where is Shore to Shore Community Federal Credit Union located?

Shore to Shore Community Federal Credit Union's main office is located at 4550 Division, Trenton MI 48183. We are off of Van Horn Rd, one block west of West Jefferson. We have a branch office, located at 21701 Allen Road, Woodhaven MI 48183.

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How did credit unions start?
The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.

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Are savings deposits insured?
Yes. All savings accounts are insured to at least $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.

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Who owns a credit union?
Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn't operate in that manner. Rather, each credit union member owns one "share" of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of Credit Union members to serve on the board of directors.

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What is the purpose of a credit union?
The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.

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