DAKOTA STAR FEDERAL CREDIT UNION FIELD OF MEMBERSHIP
We are now a Community Charted Federal Credit Union!!
On Wednesday, August 29, 2001 our federal regulator, NCUA, granted Dakota Star Federal Credit Union community credit union status. What this means is that now we can serve anyone who lives, works, worships or attends school in Pennington County. Up until this time we were limited to people who worked in the building trades industry.
Who is eligible?
* Members of record of this credit union as of the date of it's conversion to a community field
of membership August 29, 2001.
* Persons who live, work, worship or attend school in and businesses and other legal entities located
in Pennington County, South Dakota
* Members of their immediate families or households
Contact us for a Membership Application today at 605-342-6442 or 1-800-418-0369 or feel free to fill out the Dakota Star Federal Credit Union Membership Application if you are interested in becoming a member.
What is a federal credit union?
A federal credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to its members. Federal credit union members are provided with a safe, convenient place to save and borrow at reasonable rates, with savings insured to a least $250,000 by the National Credit Union Share Insurance Fund (NCUSIF).
A federal credit union is member-owned and controlled through the election of a board of directors from membership. Board members serve on a volunteer basis; one board member may be compensated.
Federal credit unions have been serving the nation's consumers for about 76 years. As of Dec 31, 2009, there were 4,714 federal credit unions with $482.7 billion in assets and serving more than 49.6 million people.
Membership in federal credit unions is not open to the general public. Instead, it is limited to persons sharing a common bond of occupation, community or association. Examples are employees of corporations, members of associations (such as Knight of Columbus) and residents of a defined area (such as a town or a neighborhood).
To join a credit union, a potential member must be first eligible under the common bond provisions, and submit a membership application. Upon submittal of the application, and the purchase of a least on share (typically $5), a person becomes a member with full voting rights.
Many credit unions have a "once a member, always a member" policy, and most also permit members of the immediate family or household of a member to join.