Credit unions are not-for-profit cooperatives that exist to serve the Member-Owners who join/bank with them, while other financial institutions generate profits for stockholders. When credit unions realize earnings, they are returned to Members in the form of better rates on products and services, low or no-fee products and services, and expanded services, such as adding branches or online services

Credit unions are owned by the Members who have joined the credit union. Each Member has equal ownership and an equal voice in electing a credit union’s volunteer Board of Directors. Redwood Credit Union has 9 volunteer Board members.

Members also elect a volunteer Supervisory Committee, which performs audit functions for the credit union. Redwood Credit Union has 5 volunteer Supervisory Committee members.

Members of credit unions are consumers and business owners who join in order to benefit from its services. At Redwood Credit Union, membership requires just a savings deposit, and this gives you full access to all of our affordable financial products and services.

Credit unions can serve many people and businesses, but unlike banks that can serve anyone, credit unions can serve those within what’s called a “Field of Membership.” This can include specific communities or employees of a company. Redwood Credit Union is a community credit union serving anyone living or working in Sonoma, Marin, Napa, Mendocino, Lake, San Francisco, Contra Costa and Solano counties.  

Deposits in most credit unions are insured to at least $250,000 by the National Credit Union Association (NCUA), a US government agency. This means credit union deposits are insured to the same level of federal insurance offered by banks and is backed by the full faith of the US government. Redwood Credit Union deposits are federally insured. Read more about federal deposit insurance.

Credit unions today are full service and offer a wide variety of affordable financial services for consumers and small business owners. Credit unions are known for offering exceptional value and trusted financial solutions, and for being responsible lenders and adhering to prudent investment strategies.

Income taxes are not assessed on a credit union’s profits because credit unions are not-for-profit. Credit unions do pay payroll, sales and property taxes, and these funds primarily remain in the local community to provide vital services to residents and businesses.