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Bank vs. Credit Unions

People often ask, “What’s the difference between a credit union and a bank?” While banks and credit unions may be similar, they’re also different.

A bank has shareholders, while a credit union has owners. As a member-owned, not-for-profit financial institution, the sole purpose of a credit union is to serve its members. Unlike banks, credit unions don’t have stockholders, meaning they are able to return their profits back to members in the form of lower fees, better rates and first-rate products. So while you can generally do anything at a credit union that you can do at a bank, credit unions typically offer higher rates on savings, lower rates on loans and credit cards, and the convenience and accessibility of a local institution.

Credit Unions, like UK Federal Credit Union, are fully backed by the federal government through the National Credit Union Share Insurance Fund, a division of the NCUA (National Credit Union Administration) for at least $250,000. In addition, UKFCU has purchased extra share insurance from ESI, insuring your deposits for an extra $250,000 for a total of $500,000.

All you have to do is put $25 in a savings account at UK Federal Credit Union and you own a share of the credit union*. Any money UK Federal Credit Union makes goes back to you in the form of better rates and lower fees. Not to mention, you are supporting a local business in your community!

A checking account at UK Federal Credit Union is free – no minimum balance requirement and no monthly service fee**. Plus, debit cards are printed at each branch. So when you open your checking account at a branch, you walk away with your debit card in hand. This is also convenient if you ever lose your debit card, you can stop by a branch and have a new one made right away. No waiting 5 to 7 business days for it to arrive in the mail!

UK Federal Credit Union also has over 65,000 free ATMs in network. So if you’re in Kentucky, in a cornfield in Iowa or on the beach in Hawaii, there’s a free ATM you can use.

If you’d like to learn more about UK Federal Credit Union, visit them online at ukfcu.org or visit one of their six Lexington branches. They’ve been here for over 80 years and UK Federal Credit Union is banking, only better.

*Membership eligibility required.

** Free Checking includes: Personal, Student and Senior Checking accounts.

UK Federal Credit Union is a not-for-profit financial cooperative. Our sole purpose is to serve the financial needs of our members by offering our members quality service and products while maintaining a financially strong institution. Instead of planning for stockholder profits, credit unions focus on serving their Membership. Our services include, but are not limited to,  personal banking, business services, lending, and investment services. To learn more, visit one of our six locations or check out our website at https://www.ukfcu.org

Our Locations

Hamburg
2557 Sir Barton Way
Lexington KY 40509
Phone: 859.264.4200
Lobby & Drive Thru Hours:
Monday – Friday: 9:00 a.m. – 6:00 p.m. Saturday: 9:00 a.m. – 1:00 p.m.

Export Street
1080 Export Street
Lexington KY 40504
Phone: 859.264.4200
Lobby Hours:
Monday – Friday: 9:00 a.m. – 6:00 p.m.
Saturday: 9:00 a.m. – 1:00 p.m.
Drive Thru Hours:
Monday – Friday: 7:30 a.m. – 6:00 p.m.
Saturday: 9:00 a.m. – 1:00 p.m.

Reynolds Road
370 Meijer Way
Lexington KY 40503
Phone: 859.264.4200
Lobby & Drive Thru Hours:
Monday – Friday: 9:00 a.m. – 6:00 p.m.
Saturday: 9:00 a.m. – 1:00 p.m.

Beaumont Center
940 Midnight Pass
Lexington, KY 40513
Phone: 859.264.4200
Lobby & Drive Thru Hours:
Monday – Friday: 9:00 a.m. – 6:00 p.m.
Saturday: 9:00 a.m. – 1:00 p.m.

Tate’s Creek Branch
689 Wilson Downing Rd.
Lexington, KY 40517
Phone: 859.264.4200
Lobby & Drive Thru Hours:
Monday – Friday: 9:00 a.m. – 6:00 p.m.
Saturday: 9:00 a.m. – 1:00 p.m.

UK Center
160 Avenue of Champions, Suite A – 210
Lexington KY 40506
Phone: 859.264.4200
Lobby Hours:
Monday – Friday: 8:00 a.m. – 6:00 p.m.

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