Joining THFCU
Membership in Two Harbors Federal Credit Union is open to anyone who lives, works, attends school or worships in Lake County, Lakeside and Lester Park neighborhoods in Duluth, and townships north from Lester Park including Bassett.
If you qualify for membership a $5.00 deposit to a share savings account makes you a member/owner of Two Harbors Federal Credit Union, and entitles you to apply for any of our services.
Visit or call our office to open your THFCU membership.
What makes credit unions different?
There is no financial institution quite like a credit union. While we are similar to banks in the services we offer, our structure and our mission are very different. If you choose to do business with a credit union, we encourage you to experience the difference at THFCU.
| Credit Unions | Banks |
|---|---|
| Not-for-profit, but for service. | Profit-motivated |
| Profits return to members as lower loan rates, higher deposit rates, & lower/fewer fees | Return profits to a small group of stockholders |
| Invests directly back to members | Invests in corporate bonds or the stock market |
| Serves a field of membership (THFCU serves Two Harbors and surrounding communities) | Serves the general public |
| Member-owned | Controlled by stockholders and paid officials |
| Federally insured by the National Credit Union Administration (NCUA) | Federally insured by the Federal Deposit Insurance Corporation (FDIC) |
|
Volunteer, member-elected Board of Directors One member = One vote |
Paid Board of Directors represents owners; Only stockholders vote. Number of votes a stockholder gets is dependent on their level of ownership |
