The Credit Union for Berkeley Students, Faculty, and Staff (CUBS) is a non-profit, student-run organization dedicated to serving the financial needs of the UC Berkeley.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 operates online through a larger credit union based in the Berkeley area, the Cooperative Center Federal Credit Union (CCFCU). CCFCU is a nonprofit, cooperative financial institution owned and run 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.