Credit unions are the not-for-profit financial cooperatives that offer the same services as banks such as checking accounts and savings accounts. They have the same government-backed guarantee on deposits up to $250,000.

With Credit Unions, the members are the owners. At banks, profits go to shareholders or owners. Since credit unions are not-for-profit the money earned is returned to the members in the form of lower fees, better loan rates, etc. Some credit unions do have requirements for membership such as residing or working in the county.

If you are a student or resident of Faulkner County, you are eligible to join any of the credit unions in Conway. <<<< NOT VERIFIED!!!!!!!

Credit Unions vs. Banks

Credit unions are insured by the NCUA (National Credit Union Administration). This insurance is just like the FDIC insurance for banks. Your money is just as safe at a credit union as at a bank.

Banks are for-profit companies who are motivated to maximize the profits they can make off of depositors to give to their shareholders and executives. This is often achieved through fees and other methods. These methods are documented and mailed to you on an annual basis, but most banks realize that customers usually don't take the time to read through the documents.

Credit unions are not-for-profit cooperatives which are owned by the members. Credit unions are generally democratic institutions, with a board of directors elected by member depositors, while Banks are generally corporate institutions which answer to a board of directors elected by shareholders. Credit unions often are able to offer lower loan rates to their members than banks due to the fact that credit unions are not-for-profit. Locally based credit unions are also a good way to employ local people to help the local economy. Of course, when choosing whether to go with a bank or credit union, each individual needs to decide which institution will give them better deals.

Moving your money away from banks with excessive fees can save you a great deal of money in the long run. For example, many credit unions offer free checking accounts with no monthly fees and some even offer free checks. If your bank charges you a $10 monthly fee, it can add up to $120 per year.

Credit Unions in Conway

  • Arkansas Federal Credit Union - First box of checks free with new student checking accounts, no minimum balance, no monthly fee, free online bill pay. You can scan and deposit checks online from a computer with a scanner for free.
  • TruService Credit Union is available to Hendrix Employees and has a branch on the campus (on Washington, same building as Public Safety)

Credit Union ATMs and Service

Some credit unions are part of the CU Service Center network. That means that you can walk into any participating credit union branch in this network and deposit cash or withdraw cash for free.

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