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List of Largest Credit Unions in US

What is Credit Union?

A credit union is a financial cooperative, incorporated as a not-for-profit organization owned and operated by its members. These unions are subject to regulation and supervision by government agencies in the countries in which they operate. Credit unions provide the same financial services that a cooperative bank provides. However, the difference between a credit union and a bank is that the latter works with a profit-earning motive whereas the former is a not-for-profit organisation. It plays an important role in providing financial services to its members and cultivating a sense of community.



Geeky Takeaways:

Table of Content



List of Largest Credit Unions in United States

Rank

Name

Total Assets

1

Navy Federal Credit Union

$168.4 billion

2

State Employees’ Credit Union

$53.1 billion

3

Pentagon Federal Credit Union

$35 billion

4

Boeing Employees Credit Union

$30.2 billion

5

SchoolsFirst Federal Credit Union

$28.2 billion

6

The Golden 1 Credit Union

$18.5 billion

7

Alliant Credit Union

$18 Billion

8

America First Credit Union

$17.39 billion

9

Mountain America Credit Union

$17 billion

10

Randolph-Brooks Credit Union

$14.77 billion

1. Navy Federal Credit Union

Navy Federal Credit Union is the largest credit union in the United States, serving the military and their families. It offers a wide range of financial products and services and has a large network of branches and ATMs, both domestically and internationally, to serve its members. It is also involved in community development programs in areas where its members reside.

Pros:

Cons:

2. State Employees’ Credit Union

It is a financial institution that primarily serves employees of the state of North Carolina and their families. It has an extensive branch network throughout North Carolina, with hundreds of branches located across the state. This extensive network allows members to conveniently access in-person banking services.

Pros:

Cons:

3. Pentagon Federal Credit Union

Pentagon Federal Credit Union also known as PenFed, is one of the largest credit unions in the United States, known for its competitive rates on savings and loan products, often providing favourable terms compared to traditional banks. It mainly serves military personnel, government employees, and their families.

Pros:

Cons:

4. Boeing Employees Credit Union

Boeing Employees Credit Union (BECU) was founded in 1935 by a group of Boeing employees. This credit union provides financial education resources to its members and also actively participates in local events and sponsors community initiatives. It is committed to community involvement and support.

Pros:

Cons:

5. SchoolsFirst Federal Credit Union

SchoolsFirst Federal Credit Union is a California-based institution that serves educational communities in California. It offers tailored financial products and services designed specifically for employees and retirees of California public schools. Membership of the union is open to current or retired school employees living in California or those with a family member who belongs to the credit union and college students.

Pros:

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6. The Golden 1 Credit Union

It was established in 1933 by a group of California state employees. Golden 1 Credit Union’s membership includes individuals who live or work in California. It serves individuals and families across the state and is committed to supporting the communities through various initiatives, including financial literacy programs, scholarships, sponsorships of community events, and donations to charitable organizations.

Pros:

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7. Alliant Credit Union

Alliant Credit Union was founded in 1935 and has grown to become one of the largest credit unions in the US. It focuses on providing personalized financial solutions to its members. The membership of the union is open to individuals nationwide through affiliation with partner organizations or by donating to Alliant’s charitable partner. This eligibility criteria allows individuals from different backgrounds to join the credit union and enjoy its services.

Pros:

Cons:

8. America First Credit Union

America First Credit Union serves individuals and families primarily in Utah, as well as select areas of Nevada and Idaho. It was established in 1939. America First has now become one of the largest unions in the US and a trusted financial institution known for its commitment to providing personalized financial solutions to its members.

Pros:

Cons:

9. Mountain America Credit Union

It is a financial institution based in the United States, primarily serving members in the states of Utah, Idaho, Nevada, Arizona, and New Mexico. It was founded in 1934 and has since grown to become one of the largest credit unions in the country. It also emphasizes community involvement and frequently engages in charitable activities and sponsorships in the areas it serves.

Pros:

Cons:

10. Randolph-Brooks Credit Union

It was established in 1952 on Randolph Air Force Base in Universal City, Texas, to serve military personnel and their families. This union has expanded its membership eligibility to include anyone who lives, works, attends school, or conducts business in certain areas of Texas. It is also known for its commitment to serving its members and community involvement.

Pros:

Cons:

Conclusion

Credit unions are not-for-profit organisations that provide the same financial services that a cooperative bank provides. It plays an important role in providing financial services to its members and cultivating a sense of community.

The credit union provides financial education resources to its members and also actively participates in local events and sponsors community initiatives. In the USA, the Navy Federal Credit Union is the largest credit union with a total asset more than of $168 billion.

Credit unions have their specific criteria for membership which can be based on various factors such as location, employer, or affiliation with certain organizations, etc. Any person who meets the membership criteria of these unions can join them and become a member-owner. The members of the credit union are also the owners of the credit union.

List of Largest Credit Unions in US – FAQs

How is a credit union different from a bank?

Credit unions operate on a not-for-profit basis that primarily aims to serve the financial needs of their members, whereas banks aim to generate profits.

Are credit unions insured?

In the United States, most credit unions are insured by the National Credit Union Administration, which provides insurance coverage similar to the Federal Deposit Insurance Corporation for banks.

What services do credit unions offer?

Credit unions offer various financial services such as opening of savings accounts, checking accounts, granting loans, credit cards, online banking, and more.

Who can join a credit union?

Any person who meets the membership criteria of these unions can join them and become a member-owner.


Article Tags :
Commerce
Finance
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