SeaComm Federal Credit Union OFFICIAL BLOG

Six Important Facts About Credit Unions

credit union

A credit union is a member-owned financial cooperative that exists to serve the needs of its members. So what does that mean? Continue reading to learn four important facts everyone should know about credit unions!


Credit unions are not-for-profit institutions. Credit unions, like SeaComm, are owned by their members. Any profit earned by a credit union is either invested back into the organization, or paid out to its members in the form of dividends. Each credit union has a volunteer Board of Directors, made up of members elected by the credit union membership.

safe money

Your money is safe at a credit union. As a credit union member, your accounts at SeaComm are federally insured up to $250,000. This means you can keep your money here without having to worry about its security!

credit union services

Credit unions provide personalized service. Since credit unions are non-profit financial institutions, their focus is to help members with their individual needs and provide the best financial services to fit their lifestyle. At SeaComm, you will receive one-on-one service with a Financial Service Representative, where you will choose from a variety of services to enhance your financial well-being.

tech savvy

Credit unions are just as tech-savvy as banks. SeaComm members have access to a variety of online services, including NetTeller™, Mobile Branch, Mobile Deposit Capture, SeaComm Pay, Online Bill Pay, and more.  SeaComm members also have access to CO-OP ATMs and Shared Branches. CO-OP is a network of nearly 30,000 ATMs and 5,000+ credit union branches that allow SeaComm members to have direct, surcharge-free access to their money at credit unions and ATMs across the country! To learn more and download the app, click here.


Credit union members have access to lower interest rates. The cost to borrow money from a credit union, referred to as the interest rate or APR (Annual Percentage Rate), is generally lower than it would be from a traditional bank. As a SeaComm member, you have access to a variety of loans, including New/Used Auto, Mortgage, Home Equity, Visa Credit Cards and more.

With SeaComm’s loan pre-approval program, LoanEngine™, you might already be pre-approved for a loan! LoanEngine™ allows you to view and accept loan offers specifically designed for you. If you qualify for a pre-approved offer, you will be presented with it through our SeaComm Mobile 4.0 app or NetTeller in the “My Offers” tab, via email, and/or a letter through the mail. Click here to login to your NetTeller™ to view your current offers! If you don’t have any offers at this time, be sure to check back every 60 days.

community support

Credit unions give back to the community. In 2019, SeaComm supported the communities it serves with over $400,000 in donations, sponsorships, and a community support initiative. Through the Pay It Forward Program, SeaComm staff surprised thousands of local residents with random acts of kindness. This included purchasing school supplies for an entire school district, providing free movie tickets and refreshments to unsuspecting moviegoers, surprising people on the street with prepaid gift cards, and much more.

Have you joined the credit union movement? Call us at (800) 764-0566 to schedule an appointment at one of our seven branch locations. We look forward to serving you!

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