What is a Credit Union?
Credit unions are cooperative financial institutions. So, unlike a bank, PAHO/WHO Federal Credit Union is owned by the people it serves –our members– and exists for their benefit. Members put their money in various savings accounts, and that money is in turn lent to members. After operating expenses and reserve requirements are met, income is returned to the members in the form of dividends and low-cost financial services. No select group of shareholders profit more than anyone else.
A Democratic Financial Institution
Credit union policies are set by a board of directors elected by the credit union's members. Most board members, including ours, serve without pay. If you're a PAHO/WHO Federal Credit Union member, you can help elect our board-or serve on it-no matter how much money you have on deposit.
Federally Insured Deposits
PAHO/WHO Federal Credit Union is a federally chartered credit union organized under strict regulations enforced by the National Credit Union Administration (NCUA), an agency of the U.S. government. The NCUA insures each federal credit union member's savings up to a $250,000 limit. (IRAs are insured separately up to $250,000)
A Little History
PAHO/WHO Federal Credit Union was founded in 1949 to serve employees of the Pan American Health Organization, the regional office of the World Health Organization in the Americas. Over the years since then it has grown into a full-service financial institution with $200 million in assets.