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What is a Credit Union

Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union does not operate in this manner.

A credit union is a not-for-profit financial cooperative. That means we are owned by and operated by you and others like you that choose to conduct their financial business at the Credit Union. Your Credit Union has no stockholders, partners, or outside owners.

Each Credit Union member owns one "share" of the organization. Therefore, the user of credit union services is also an "owner".

Your Credit Union is governed by a volunteer Board of Directors made up of members like you, elected by you, the owner.

Eligibility/Field of Membership

A Credit Union exists to serve a specific group of people, such as a group of employees or the members of a professional group. This is called a "field of membership".

There are several ways to qualify for membership at Dakotaland Federal Credit Union. The first is through our field of membership which includes all those that live, work, worship or attend school in the following counties:

• Aurora
• Beadle
• Brookings
• Brule
• Buffalo
• Clark
• Codington
• Davison
• Deuel
• Faulk
• Grant
• Hamlin
• Hand
• Hanson
• Hyde
• Hughes
• Jerauld
• Kingsbury
• Lake
• McCook
• Miner
• Moody
• Sanborn
• Spink
• Sully

It is also possible to be eligible through current Dakotaland members. Relatives of credit union members are eligible to join if they are a spouse, child, sibling, parent, grandparent, or grandchild. This includes stepparent, stepchild, stepsibling and adoptive relationships.

Becoming a Member

Joining is easy. If you are eligible for membership, complete a simple Membership Application, provide two forms of government issued ID and open a savings account with a $5 balance.

Maintaining a $5 balance in a Dakotaland Interest Bearing Savings Account establishes your lifetime membership and "share" in the Credit Union as a voting owner.

No further eligibility requirements or annual membership fees apply and you are now eligible to use any of the services offered by Dakotaland Federal Credit Union.

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