Dakotaland Federal Credit Union
- Banks and Lending Institutions
- Financial Services
Orignally chartered in 1955, SDSU Brookings Federal Credit Union served SDSU and the City of Brookings. Their merger with Dakotaland took place in June of 2005.
We are a Credit Union. A Credit Union is a not-for-profit financial cooperative owned by and operated by you and your fellow members. There are no stockholders, partners or outside owners.
Dakotaland is governed by a seven-member Board of Directors. Directors are Dakotaland members who are unpaid volunteers elected by the membership.
Board elections are held every year during the Dakotaland Federal Credit Union Annual Meeting. Each member receives one vote, regardless of their account balance, as long as $5.00 is maintained as a minimum balance in the Primary Savings Account. This democratic form of organization ensures the institution remains responsive to the needs of our member | owners.
Unlike banks, a credit union has no stockholders. The members who use our services are our number one priority. All credit union earnings return to members as dividends on their savings accounts, competitive loan interest rates, cost of member service or contribute to reserves.
Each member's savings is insured to $250,000 by the National Credit Union Administration (NCUA), a U.S. Government Agency. Individual Retirement Accounts are insured separately up to $250,000 per member.