The Best of Both Worlds
Credit unions were originally created by small community groups or employers, who pooled their money together in order to lend it out to each other. Every credit union has a humble beginning that started with a few contributions from a handful of people.
While in the beginning credit unions offered limited services and products, today we do it all.
No matter what you’re looking for—a loan, a checking account, a savings account, a CD, an IRA, a safety deposit box—we’ve got you covered. However, our service remains as personal and community-focused as it did when we got started. We provide the best of both worlds: all the conveniences of the big banks, but with a local feel and a better deal.
Your funds are protected
As a member of Magnolia Federal Credit Union, your funds are insured by the National Credit Union Administration (NCUA). Annually, federal examiners and auditors examine the credit union’s financial status and compliance with existing laws that govern Federal Credit Unions.
We have online banking, mobile banking, mobile check deposit and 24/7 live chat through our website. You can even open an account or apply for a loan online.
We also offer all of our members access to a free network of nationwide ATMs. We even have an app that allows you to enter your location and find the one closest to you.
We are a not-for-profit
When Magnolia FCU does well, that money goes back into the pockets of our members in the form of lower rates on loans, higher dividends and better technology so that we can be the most convenient, affordable banking option for our members.
We are member-owned
When you open an account and deposit your initial $25, you become a partial owner of Magnolia Federal Credit Union. We don’t have stockholders, so when we make decisions, we are basing them on what would be in the best interest of our 21,000+ members. We are governed by a volunteer board that’s elected democratically by our members. Each member has equal ownership and one vote – regardless of how much money they have on deposit.