What is a Credit Union? Many people save their money in a credit union. These people usually have something in common, such as their place of work or where they live. You and other members deposit your money into savings accounts. This money is then given to other members as a loan, these members will pay an extra amount of money called interest. Then you and the other members will get paid extra money from the credit union for letting it use your money. The extra money that you will earn in your share account is called dividends. The credit union's main purpose is to give member owners the best banking services. Who can become a member of SOFCU? SOFCU's services are available to anyone who lives or works in Josephine or western Jackson County. "Once you are a Member, you are always a Member." How is interest earned on your account?