In additional to being a not-for-profit financial institution, Foothill is also a member-owned cooperative. That means that we put the needs of our members first and we do not take on high-risk loans to achieve profits for shareholders. Foothill adheres to strict guidelines to ensure our members’ funds are safe. Foothill is classified as well capitalized according to the NCUA standards.
Additionally, all individual depositors are insured up to $250,000 through the National Credit Union Share Insurance Fund. Credit union members have never lost a penny of insured savings at a federally insured credit union, and our industry’s deposit insurance fund has the backing of the full faith and credit of the U.S. government. See MyCreditUnion.gov for more information.
Click here to read more about how your account is federally insured.
| Credit Unions | Banks |
| Credit Unions have members, not customers. Everyone with an account has a share of ownership in the Credit Union. Therefore, you are actually an owner of your Credit Union and not just another account number. | Banks have owners, usually a group of investors. Banks exist to make a profit for their owners. |
| Credit Unions are democracies. They are run by a volunteer board of directors elected from the membership. Every member has a vote in how their Credit Union is operated. | Banks are run by their investors, who have the sole voice in how things are done. |
| Credit Unions are not-for-profit organizations. After expenses are paid and reserves set aside, all money surpluses are returned to the members in the form of higher dividends and lower loan interest rates. | At banks, only investors see a share of the profits. |
| Credit Unions serve only certain groups of members, like those working for a particular employer or living in the same neighborhood. This specialization allows Credit Unions to focus on the needs of a certain special group of people. | Anyone may open an account at any bank. Customers sometimes become lost in the shuffle or "just another number." |
