Federal credit unions in Virginia are financial institutions that provide banking services to its membership. Members of VA credit unions 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 Virginia 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 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 government credit unions in Virginia are tax exempt:

1. A federal credit union in Virginia must be a non-profit, financial cooperative its members own.

2. Members must elect a board of directors who serve as unpaid volunteers.

3. Virginia federally chartered credit unions provide services 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 federally chartered credit unions in VA by name

You can easily locate a 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: Cudata.com shows credit unions in Virginia by name, along with the city, assets and number of members. Click on any credit union name to get contact information. The Community Banker, powered by Yennik, provides an alphabetical list of websites for credit unions in Virginia.

Find federal credit unions in Virginia by location

Resources are available to locate all of the government credit unions in Virginia 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. Credit Union Access provides, by city, all of the registered federally chartered credit unions in Virginia.

Select one of the local Virginia federal credit unions to join

Examine the membership requirements of Virginia federal credit unions and the services they provide to know if you are eligible to join and if they will provide the services you need.

I recommend: You may join the Peoples Advantage Federal Credit Union if you live or work in Chester, Colonial Heights, Dinwiddie, Hopewell and Petersburg counties. Virginia Credit Union is available to residents and workers in Farmville, Richmond, Petersburg, Fredericksburg, Buckingham County, Nottoway County and Prince Edward County.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Natural-person credit unions serve individuals and form the majority of Virginia 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.