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February 25, 2025
What Is a Credit Union? Full-Service Personal and Business Banking at Grow
Banking doesn’t have to be done at a bank. Credit unions are an alternative, offering similar financial products and services, but unlike banks, credit unions are member-owned and not-for-profit.
What does that mean for our members? We’re not concerned with making money for stockholders. In fact, we don’t even have corporate stockholders — we have members who each own a share in the credit union. This means that we can focus on increasing the benefits of membership, including better rates, lower fees, personal relationships and more involvement in our local communities.
What is a credit union? Your questions, answered.
Do credit unions actually have better rates?
It’s not just talk when we say that we save our members money. Credit unions provide savings to members through better rates on savings and loans combined with lower fees when compared to banks. To get a little more specific, credit unions in Florida saved members an average of $203 over the life of a 5-year car loan (assuming an average of $30,000 financed) and had lower Annual Percentage Rates (APRs) on credit cards by 4.64%, compared to banks. 1What products and services does Grow offer?
We’re here to offer members the full range of financial products and services that they would expect from a financial institution, including:- Savings and checking accounts
- Credit cards
- Personal loans
- Mortgages
- Auto loans
- Investment services2
As a not-for-profit, member-owned financial cooperative, we prioritize functional financial products that meet the everyday needs of our members. And for those who don’t live near a Grow store, you can bank from anywhere with Grow online and mobile banking.3
Does Grow offer business banking?
We offer comprehensive business banking services, including business savings and checking accounts, Grow Visa® Business Rewards Credit Cards, payment processing solutions, payroll management services and commercial loans — all with the personalized assistance of our local Business Solutions team. Learn more about business membership at Grow.Why choose a credit union?
Beyond the money-saving benefits of credit union membership, we pride ourselves on what we call the Credit Union Difference. When you choose to bank with Grow, you can expect friendly, personalized service. We want to get to know your financial needs and goals and then help you reach them. Need to talk to us? You’ll speak to real human beings, who live in and care about the communities we serve.Are credit unions insured?
Your money is safe with us. All credit union deposits are insured up to $250,000 by the National Credit Union Administration (NCUA), so you can save with peace of mind.Do credit unions work with bad credit?
Many people assume that if they have bad credit, they won’t be able to get an account with or loan from a credit union. However, there are options available for those with less-than-perfect credit — such as a secured credit card — that can help you rebuild your credit over time. We also share financial literacy resources and tips regularly, including strategies to improve your credit so that you can get back on track faster. We’re here to get to know you and help you map out a path to success.We serve people, not profit.®
So, what is a credit union? We’re a different type of financial institution — working for the benefit of our members, not the profit of corporate stockholders. We work to serve our members, improve their lives and give back to our local communities. At Grow, our mission is to serve people, not profit.
Ready to experience the benefits of credit union membership?
Accounts are subject to approval. Loans are subject to credit approval.
1American’s Credit Unions. Florida Credit Unions 2023 Report. Accessed January 31, 2025. https://americascus.widen.net/s/8gprqxgmj5/floridafacts
2Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members. For specific tax advice, please consult a qualified tax professional.
3Additional data charges may apply. Please see your wireless carrier for more information.
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How to Find Your Routing & Account Numbers
When you make a payment online, by phone or on a mobile device, you may be asked for our routing number and your checking account number. Credit unions and banks use these numbers to identify accounts and make sure money gets where it’s supposed to be. You’ll also need to provide your routing and checking account numbers for:
- Direct deposits
- Electronic checks
- Military allotments
- Wire transfers
Where to Find Your Routing & Checking Account Numbers
Your personal checks include both our routing number and your account number, as shown on the Grow check example below.
Don’t have a Grow check? No worries.
Visit any Grow store and ask for a Direct Deposit Form. It lists both your routing number and checking account number.
Making a Loan Payment
When it comes to making payments, we try to make it as painless as possible to pay your loan every month. We have several different ways to pay, including convenient online options.
Pay Online
You have two ways to pay online by transferring funds from another bank or credit union.
- Grow Online Banking (Preferred payment method for any loan)
This is the simplest way to pay your loan. You can make one-time payments or set up automatic recurring payments in Grow Online Banking. Once you log in, select “Transfer/Payments” from the menu. If you’re not enrolled in Grow Online Banking yet, you can set up your account in just a few minutes.
Log In
- Debit Card or ACH (Available for auto, personal loans and HELOCs)
Note: ACH and debit card payments are not available for credit cards or most mortgages, except HELOCs.
We accept ACH payments with no additional fees, consumer Mastercard® and Visa® debit cards with a convenience fee of $4.95, or commercial Mastercard® and Visa® debit cards with a convenience fee of 2.95% of the payment amount. To get started with an online ACH or debit card payment, select Pay Now below.
Pay Now
Pay by Mail
You can also pay any Grow loan by check through the mail. Please remember to include your account number and Grow loan number on the check. (For credit card payments, please do not write your 16-digit credit card number on the check, which can cause a delay in processing the payment.)
Address for auto, credit card, personal loan and HELOC payments:
Grow Financial Federal Credit Union
P.O. Box 75466
Chicago, IL 60675-5466Address for personal first or second mortgages and home equity payments:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733You Are About To Leave GrowFinancial.org
At certain places on this site, there are links to other websites. Grow Financial Federal Credit Union does not endorse, approve, represent, certify or control those external sites. The credit union does not guarantee the accuracy, completeness, efficacy, timeliness or accurate sequencing of the information contained on them. You will not be represented by Grow Financial Federal Credit Union if you enter into a transaction. Privacy and security policies may differ from those practiced by the credit union. Click CONTINUE if you wish to proceed.