The Credit Union Difference
Credit unions and banks offer financial services, but how they operate is very different. Here's what sets us apart.
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Who owns a credit union? |
Who owns a bank? |
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You do. When you open an account, you become a member and a part owner. Your members ship is your share in the credit union. |
Banks are owned by investors and stockholders. Customer do not have ownership or a sayin how the bank operates. |
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Who controls a credit union? |
Who controls a bank? |
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Every member has an equal voice. We operate on a one-member, one-vote system, regardless of the member's account size. Our board of directors is made up of volunteers elected from within the membership. |
Control is based on stock ownership. The more shares someone owns, the more influence they have. Board members are typically compensated. |
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Who profits? |
Who profits? |
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We're not-for-profit. That means earnings are returned to members through:
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Profits go to stockholders, not customers. |
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How is my money protected? |
How is my money protected? |
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Deposits are federally insured by the National Credit Union Share Insurance Fund (NCUSIF), backed by the full faith and credit of the U.S. government. |
Deposits are insured by the Federal Deposit Insurance Corporation (FDIC), also backed by the U.S. government. |
Bottom line: Your money is safe at both, but the structure behind the institutions is very different.
Why Choose INOVA?
Joining INOVA Federal means more than opening an account. It mean becoming part of a financial cooperative that puts you first.
What you'll love:
- Competitive loan rates and savings options
- Checking and savings accounts designed for real life
- Debit and Visa cards®
- Digital Banking
- Mortgage and auto loans
- Payroll deduction and direct deposit services
- ACH services and business support
We are proud to serve over 1,800 companies and organizations since 1942.
Member Benefits
As a member, you get access to exclusive perks, including:
How to Join
Becoming a member is easy. When you open an account, you purchase a share in the credit union, giving you ownership, a voice, and a vote.
You may be eligible for membership through an immediate family member or your household.
You may be eligible to join if someone in your immediate family is a member, or someone in your household is a member.
- “Immediate family” is defined as spouse, child, sibling, parent, grandparent, or grandchild. This includes stepparents, stepchildren, stepsiblings, and adoptive relationships.
- “Household” is defined as those living in your same residence, maintaining a single economic unit.
You may be eligible for membership through your employer or other organization.
You may join if you are an employee or member of one of our Select Employer Groups (SEGs). If your employer is not already a member of INOVA, encourage your company to join!
You may be eligible for membership through where you live, work, worship, or attend school.
Click here to validate that your address qualifies.
For more information about becoming a member, call (800) 826-5465.
