What is a CU?
There are No Stockholders
Unlike most other financial institutions, credit unions do not issue stock or pay dividends to outside stockholders. Instead, earnings are returned to members (all who have accounts at the credit union) in the form of competitive loan rates, higher interest on deposits, lower fees, and enhanced technology and convenience.
Credit unions are economic democracies. Each credit union member has equal ownership and one vote — regardless of how much money a member has on deposit. At a credit union, every customer is both a member and an owner.
What is a credit union?
Ownership
Credit unions are economic democracies. Each credit union member has equal ownership and one vote — regardless of how much money a member has on deposit. At a credit union, every customer is both a member and an owner.
Boards Elected by Members
Each credit union is governed by a board of directors, elected by and from the credit union's membership.
Rest Assured, We are Federally Insured
Westerra Credit Union members have the assurance of knowing that their deposits are federally insured up to $250,000 by the National Credit Union Administration and that their individual retirement accounts are federally insured up to an additional $250,000 per member.
Not-for-profit
Credit unions are not-for-profit financial cooperatives that exist to serve members, not to make a profit. Unlike most other financial institutions, credit unions do not issue stock or pay dividends to outside stockholders. Instead, earnings are returned to members in the form of lower fees, competitive loan rates and higher interest on deposits.
Membership Eligibility
By federal statute, credit unions cannot serve the general public — yet some credit unions, like Westerra, have been granted state or federal charters to serve specific geographic areas. People qualify for a credit union membership through their employer, organizational affiliations like churches or social groups, or by living in a specific geographic area or community.
Community-Focused. Because we live here, too.
At Westerra, we are committed to ensuring a bright and healthy future. Credit unions exist to help people, not make a profit. Our Westerra Cares program does just that by focusing on initiatives surrounding education, financial literacy and community basics. Learn more on our Community page.
Funds Stay in Colorado, Contributing to Colorado's Economy
Westerra invests in Colorado through loans to members for autos, homes, education and other financial needs — currently servicing over $1 billion in loans for members.
Westerra adds $16.7 million annually to the Colorado economy through lower fees and better rates compared to other financial institutions.
CU FAQs
Cooperatives are defined as a group of people acting together to meet the common needs and aspirations of its members, sharing ownership and making decisions democratically. Co-ops are not about making big profits for shareholders, but creating value for members.
Non-profits operate on donations - not-for-profits operate on proceeds generated from their business operations.
Westerra membership is open to all who live or work in the 7-county Denver metro area, including Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas and Jefferson counties. Westerra believes that everyone should have the opportunity choose a not-for-profit credit union as an alternative to the for-profit banking system. Westerra strives to help more people discover the financial education and opportunities that Westerra offers them and their families.
