At Caro, the entry to membership is establishing a basic savings account, for two reasons. We ask that you deposit a minimum of $25 in your savings account and keep it there because:

1. This is your share of ownership in the credit union. Unlike being a customer of a bank, at Caro you are a member-owner. Each member owns an equal share of the credit union. What happens to your $25 if you choose to leave the credit union? If your account is in good standing with us, that $25 in your share savings account will be returned to you
2. We want to encourage smart financial habits. We hope that by establishing this basic savings account, you’ll find other opportunities to deposit a little here and there to start saving for a rainy day.

Oh yeah. There’s one more difference between being a customer at a for-profit bank, and a member-owner at a not-for-profit financial cooperative like Caro: we pay dividends on most savings accounts. That means you’re making money just by saving money!