Freedom Federal Credit Union

Freedom Federal Credit Union is a community-chartered federal credit union providing consumer financial services such as checking and savings accounts, mortgage loans, auto loans, lines of credit, personal loans and credit cards to its members. Furthermore, they provide business banking services to associations or businesses located within Baltimore or Harford Counties of Maryland.

As a not-for-profit organization, all profits generated by credit unions go back to its members in the form of higher deposit rates, lower loan rates, improved services and new technologies – unlike banks which must produce profits for outside shareholders.

Credit unions are democratic institutions where members elect their leaders through voting to serve on a board of directors that makes decisions regarding its future, in contrast to banks where corporate employees elect their leaders.

Due to this structure, financial cooperatives are uniquely capable of prioritizing members’ needs over all else. This was evident during times of economic hardship when many banks were forced to close; credit unions were there to step in and provide essential financial support to families and small businesses alike.

Credit unions’ success during the 2008 recession can be attributed to their commitment to helping people rather than making money for outside investors. They are regulated by both state and federal agencies to ensure they adhere to similar rules as banks; additionally, many investments made by credit unions tend to be safer and therefore are much less likely to fail than investments made by banks.

Credit union members are protected by the National Credit Union Share Insurance Fund (NCUSIF), which offers $250,000 coverage per member and is guaranteed by the full faith and credit of the US government, similar to what banks enjoy through the Federal Deposit Insurance Corporation.

State chartered credit unions receive their charter from the state in which they operate and must adhere to state regulations that may differ from federally chartered national credit unions. State charters can also provide an option in states where federally chartered national credit unions cannot exist.