Minnesota federal credit unions are financial institutions that provide banking services to its membership. Members of a Minnesota US federal credit union 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.

Federally chartered credit unions in Minnesota also may serve specific employee groups, known as Select Employee Groups, such as teachers or employees of a specific company. These credit unions may be able to switch 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 government credit unions in Minnesota are tax-exempt:

1. Government chartered credit unions in Minnesota must be a non-profit, financial cooperative its members own.

2. Member must elect the board of directors for a federal credit union who must serve as unpaid volunteers.

3. Minnesota government credit unions 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 specific federal credit unions in Minnesota by name

You can easily locate an MN federal credit union 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: The Nation Credit Union Administration can locate a credit union by charter number and also is able to find a credit union by using a word in the credit union's name. The Community Banker, powered by Yennik, provides an alphabetical database of websites for credit unions in Minnesota.

Find federally chartered credit unions in Minnesota by location

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

I recommend: Credit Unions US has a credit union locator on its home page that allows you to specify your city and zip code. USA Credit Unions shows all of its credit unions in Minnesota on a single page and also has a credit union locator by name and zip code.

Join a local Minnesota federal credit union for which you are eligible

Examine the membership requirements of a particular federally chartered credit union 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: The US Federal Credit Union serves residents and employees in the greater Twin Cities and surrounding counties. The Mid-Minnesota Federal Credit Union serves Cass, Crow Wing, Douglas, Morrison, Todd and Wadena Counties.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  A MN federal credit union also is known as a natural-person credit union when it serves individuals. 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.