A Colorado federal credit union is a financial institution that provides banking services to its membership. Members of a federal credit union in Colorado control the credit union and must meet a defined set of membership requirements such as living in certain areas or belonging to a non-profit group.

Government credit unions in Colorado also may serve specific employee groups, known as Select Employee Groups, such as teachers or employees of a specific company. Federally chartered credit union in Colorado may be able to change to a community charter, which allows them to serve anyone who lives, works, worships or attends school within a defined area.

There are three basic reasons why CO credit unions are tax-exempt:

1. Colorado federally chartered credit unions must be a non-profit, financial cooperative that its members own.

2. Members must elect the board of directors for federal credit unions in Colorado and the board must serve as unpaid volunteers.

3. Federally chartered credit unions in Colorado provide service to members of modest means as part of their social mission. They must also place limitations on their memberships with restrictions on the products and services they provide.

Action Steps
The best contacts and resources to help you get it done

Locate a specific Colorado federally chartered credit union by name

You can easily locate Colorado federal credit unions if you have some basic information about it such as its name or the location of one of its branches. A credit union's name will normally give you an idea of the basis of its membership, although the requirements for membership are frequently broader than this.

I recommend: Manta displays federally chartered credit unions in Colorado alphabetically by name and allows the list to be further narrowed by city. Credit Unions Online provides websites for credit unions in Colorado alphabetically.

Find a federally chartered credit unions in Colorado by location

Resources are available to locate all of the government credit unions in Colorado based in your area, which you may wish to do because residency is a common membership requirement for many credit unions.

I recommend: CU Village.com allows you to find credit unions within your zip code. If you don't find any, this locator will display the credit unions that are closest to you. Credit Unions US has a credit union locator on its home page that allows you to specify your city and zip code.

Join one of the Colorado federal credit unions for which you qualify

Examine the membership requirements of a particular federally chartered credit union in Colorado and the services that it provides to know if you are eligible to join and if it will provide the services you need.

I recommend: Employees of King Soopers Market, as well as other qualifying employee groups, primarily use the Sooper Credit Union, which has multiple locations, including Denver and Colorado Springs. West Denver Community Credit Union is open to anyone who lives or works in Lakewood.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Natural-person credit unions serve individuals and form the majority of Colorado federally chartered credit unions. Corporate credit unions serve natural-person credit unions by providing them with operational support, products and other services. Corporate credit unions also act as a funds clearing house for natural-person credit unions.