A safe, secure choice in credit unions
With recent bank failures on numerous people’s minds, a credit union is a safe and local financial option to consider.
Credit unions are secure, member-owned-and-operated financial cooperatives that help people achieve their financial dreams. We provide needed loans, lower rates, and a strong focus on our members’ financial well-being. Our structure emphasizes our people-first mentality. That’s also what makes us a safe harbor that people can count on to help them through tough times.
North Star Credit Union has served people in our community for 84 years. As a not-for-profit financial institution, we never forget that the hard-earned money we are entrusted with belongs to the members we serve. For our credit union, that includes people who live, work, volunteer attend class or worship in the counties of St Louis, Itasca, Carlton and Red Lake or individuals who have a relative with an existing account at North Star Credit Union, even if you do not live in the area.
When it comes to safety and soundness – credit unions have a board of directors that are elected by and from the members, who have their own money in the credit union. Every credit union member has a vote. We don’t take unnecessary risks with our members’ money because we know the people who use our credit union and we answer to them each and every day.
Your money is insured at a credit union. In fact, our credit union deposits are federally insured up to $250,000 per individual depositor, at the same level as any federally insured financial institution. The National Credit Union Share Insurance Fund (NCUSIF) is backed by the full faith and credit of the U.S. Government. In fact, no one has ever lost a single penny of insured funds at a federally insured credit union.
Unlike the situation at Silicon Valley Bank, where only 5% of deposits were federally insured (leaving 95% of deposits without insurance protection), credit union data shows that nationally, 92% of all member deposits are fully insured.
At North Star Credit Union, we demonstrate our commitment to our members and community each and every day. We offer financial education in the schools, provide six free financial counseling sessions through our partners LSS Financial Services, and return profit to our members in the form of lower fees and better rates. We volunteer in the communities we serve.
Credit unions – in our communities, our state, and across the country – provide a place where working families, small business owners and people looking to improve their financial opportunities get the support, security, and service they need, no matter what challenges life brings.
North Star Credit Union has five branch locations+- including in Brooks, Cook, Duluth, Nashwauk & Virginia. We will have a sixth branch location slated to open later this year in Mountain Iron.
Sign up today to join our credit union.