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Why Our Credit Union?

A credit union is a member-owned, not-for-profit cooperative financial institution. At credit unions, no one person or organization runs or owns the credit union. Each member is an owner.

What makes a credit union different from a bank or savings & loan? Like credit unions, these financial institutions accept deposits and make loans--but unlike credit unions, they are in business to make a profit. Banks and savings & loans are owned by groups of stockholders whose interests include earning a healthy return on their investments.

On the other hand, credit unions return their profits, after expenses and reserves, to members in the form of higher dividends on savings accounts, low rates on loans, and new or improved services. Additionally, the National Credit Union Share Insurance Fund (NCUSIF), administered by the National Credit Union Administration, an agency of the federal government, insures deposits of credit union members up to at least $250,000.

The following are just a few of the reasons why you should make Hampton Roads Educators’ Credit Union YOUR primary financial institution.

  • The difference is in the employees.
    Hampton Roads Educators’ Credit Union offers a better choice in terms of the member experience when compared to the typical financial institution. Hampton Roads Educators’ Credit Union creates a small-town, low-pressure, friend-to-friend atmosphere where members are treated with respect, treated as individuals (most of our members are known by name!) and given lots of flexibility. Smiles and laughter are a regular part of the environment.
  • Valuing your time and money.
    We understand that our members have busy lives and stopping by the Credit Union is just one thing on a long “to-do” list, therefore we work hard to give you and your family excellent service. We also work to offer convenience services that help members save time.
  • Built on families; thrive on lifelong members.
    We take pride in the fact that we often earn the business of multiple generations of a family. We want to ensure members know that once they are a member, all of their immediate family members become eligible to join also! This is one important way the Credit Union can grow.
  • A sense of Family.
    One noticeable attribute about Hampton Roads Educators’ is the atmosphere. Our lobby is a welcomed hang-out for our members where they can see friends (and employees), talk about vacations, grandchildren, and other personal things. It is a place people know they can trust and feel safe doing business here.