The Credit Union for Berkeley Students, Faculty, and Staff (CUBS) is the only financial institution on the UC Berkeley campus, and its services are specifically tailored to UC Berkeley affiliates. The mission of CUBS has long been “students helping students” as it is run for and by a student organization, the Student Financial Advisory Committee (SFAC).
CUBS is the campus branch of a larger credit union based in the Berkeley Area, the Cooperative Center Federal Credit Union (CCFCU). CCFCU is a not-for-profit, cooperative financial institute owned and operated by its members.
What is a credit union?
Some would say a credit union is a fancy term for a bank, but the two are, in fact, very different. The fundamental difference is that credit unions are not-for-profit, meaning that all profits earned go back to its members in the form of lower fees and higher interest on interest-bearing accounts. Organized to serve, democratically controlled credit unions provide their members with a safe place to save and borrow at reasonable rates. Members elect the volunteer board that runs each credit union.