FAQ - Frequently Asked Questions



  • Question: How is a credit union different from a bank?
    Answer: Banks are for-profit companies that exist to generate high levels of profit for their stockholders. Bank stockholders elect a paid board of directors to run the bank and to financially benefit stockholders, not the bank’s depositors. On the other hand, credit unions are not-for-profit organizations that were founded on the idea that through a cooperative financial effort, individuals sharing common bonds could benefit. Credit Unions are member-owned and exist to serve and educate their members, who are their depositors, and to promote thrift. The members elect an unpaid board of directors to run their credit union for the financial benefit of all members who are the depositors and borrowers.

  • Question: Are members the only ones who benefit from credit unions?
    Answer: No. Members obviously benefit from the affordable financial services, money management education and personalized service that credit unions provide. However, companies also gain by offering a credit union benefit to their employees. By doing so, employer’s increase their companies’ marketability and help employees gain access to financial services that they might have been unable to obtain elsewhere.

    In the end, credit unions benefit all consumers — members and non-members alike. Credit unions provide the economic benefits of capital investment and help local capital pools serve local communities. Credit unions also benefit all consumers by continuing to provide rate competition and an overall choice for financial services in the marketplace.

  • Question: Who qualifies for membership in the Sheridan Federal Credit Union?
    Answer: Membership in the Sheridan Federal Credit Union is open to anyone who lives, works, worships or attends school in the Sheridan Area.

  • Question: How do I become a member?
    Answer: If you qualify for membership, please contact the Sheridan Federal Credit Union.