What is a Credit Union?
A credit union is a place that helps you save money in many different ways. You can also borrow money from the credit union or have a checking account there too.
Below is a list of commonly asked questions about Piedmont Credit Union and credit unions in general.
How is a credit union different from just another bank?
Instead of making profits off their customers, credit unions give their profits back to their customers! This happens in the form of higher savings rates, lower loan rates, and less fees at the credit union. In fact credit unions don't call people customers. Instead they call them members because each credit union member is also a part owner of the credit union.
Who can join Piedmont Credit Union?
Every credit union serves a specific group of people. In the past only teachers and employees of specific business could join. Today, anyone who lives or works in Danville, VA or Pittsylvania County or Halifax County, also in Virginia, may join Piedmont Credit Union. Once you join the credit union then your family can also join regardless of where they live or work.
How can I save money?
You can use Direct Deposit or Payroll Deduction to send a portion of your paycheck straight to your credit union account. This way there's no chance of accidentally spending the money before you put it in savings. You can also setup special savings accounts for things like Christmas, Vacation, or for your kids.
If you are going to borrow money, the lower loan rates offered by our credit union can save you hundreds, even thousands of dollars compared to borrowing money from other places.
How can I get a loan?
You can apply for a loan anytime. You don't even have to join first. Applications are available at our offices or for download here. In most cases we'll tell you right then and there how much money we can lend to you. Direct Deposit or Payroll Deduction are really easy ways to repay a loan!
Are deposits insured like at most banks?
Yes. The National Credit Union Share Insurance Fund, which is administered by the National Credit Union Administration, insures deposits up to at least $250,000. In some cases it is even more. This is why the "NCUA" logo appears at the bottom of almost every piece of Piedmont Credit Union literature.