About SharePoint


SharePoint Credit Union answers some frequently asked questions about Credit Unions, SharePoint Credit Union membership, and other pertinent topics.

What is a Credit Union?

A Credit Union is a cooperative, member-owned, not-for-profit financial institution whose organization is developed and maintained by promoting financial prudence and providing credit to members. It is owned by members and controlled through a Board of Directors elected by the membership. The Board establishes and revises policy, sets dividend and loan rates, and directs certain operations. This provides members with a safe, convenient place to get great rates on savings and loan products at an institution that exists to benefit them, not to make a profit for outside shareholders.

What is the difference between a Credit Union and a bank?

Credit Unions and banks are both financial institutions that accept deposits, provide loans and offer other financial services. As a Credit Union, SharePoint differentiates itself because it is a cooperative, not-for-profit organization who is governed by a Board of Directors elected by its members. Banks pay their stockholders earnings, while Credit Unions return earnings to the members in the form of lower interest rates on loans and higher dividends on savings accounts and checking accounts.

What is a member "Share"?

A Credit Union is owned by its members; each member has one equal "share" of SharePoint Credit Union by maintaining a $5 balance in their Savings account . The member/owner is able to vote on important issues, such as the election of the Board of Directors. As a member of SharePoint Credit Union, you are one of our owners.

Who can join SharePoint Credit Union?

A Credit Union exists to serve a specific group of people (such as a group of employees or the members of a professional or religious group) or a defined geographic territory. This is called a "field of membership." SharePoint Credit Union currently has over 70 partner companies who have elected to affiliate themselves with SharePoint. The employees and their families are all welcome to join. SharePoint Credit Union is also open to anyone who lives, works, worships, volunteers or attends school or conducts business in Anoka, Carver, Dakota, Hennepin, Ramsey, Scott or Washington County, Minnesota. These are the members that make SharePoint successful.

How are savings deposits insured?

Your Savings accounts are safe and secure. Each member's account is federally insured to $250,000 by the National Credit Union Administration (NCUA) - the soundest financial insurance fund in the United States. We also provide an additional $250,000 of Excess Share Insurance (ESI), bringing your total protection up to $500,000 for your accounts. SharePoint Credit Union meets strict underwriting requirements to provide this additional $250,000.


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SharePoint Credit Union - 5300 Hyland Greens Drive, Bloomington, MN 55437
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