How will the Credit Union benefit the community in comparison to a bank?
Credit Unions are not-for-profit and provide needs-based consumer services like low interest rates. Banks are for-profit organizations which seek to earn profits that are returned to the shareholders.  Credit Unions are cooperatives in which resources are put back into member benefits, programs, and entities within the community through increased/improved services and better rates. They have a broad mission to be community-oriented and to serve people, not profit. A Credit Union like Arise Community Credit Union will be uniquely positioned to understand the challenges its community members face.

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​How can the public trust that deposits will be safe?
The Minnesota Department of Commerce requires that all state chartered Credit Unions are insured by the National Credit Union Association. As a result, deposits of up to $250,000 are insured.

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What is the anticipated date that the Credit Union will become operational?
Although the charter has been approved by the Minnesota Department of Commerce, there is an anticipated 9-12 month pre-launch period during which the back office technology will be acquired and and the credit union staff must be hired and trained.  While we do not have an exact date yet, we expect that the grand opening will occur in early or mid-2025.

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Will Northside residents play a role in deciding what products and services are offered?
Absolutely! However, services and lending will primarily be directed toward individual consumers and secondarily to local businesses in order to build and secure community wealth.

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​What are the main differences between a Credit Union and a traditional bank?
The main difference is that a Credit Union is member-owned and not-for-profit.

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​Will deposits be federally insured?
​Yes, there will be federal deposit insurance through the National Credit Union Administration.

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​Will you have branch locations or just digital services?
We will initially launch as a digital credit union.  However, our members will have access to shared branch services at other credit unions.   At some point in the future, Arise will have its own branch location in North Minneapolis.

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​How can I get involved right now?
Please complete the community survey and attend community outreach meetings.
Also, please contact city and state officials or ABEP to provide a letter of support.