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Our Business

Services to Members

Credit union services are directed to improve the economic and social welfare of its members.

Distribution to Members

To promote thrifty through savings and to provide loans and other services, a fair rate of interest available to the credit union is paid on savings and deposits.

After ensuring appropriate reserve levels and payment of limited dividends on permanent equity capital remains, the surplus rising out of the operations of the credit union belongs to and benefits all members with no single member or one group of members benefiting to the detriment of others. The surplus may be distributed among members proportional to their transactions with the credit union as interest or patronage refunds, or directed to improved and/or additional services as required by members.

Building Financial Stability

A prime concern of the credit union is to build financial strength, including adequate reserves and internal controls that will ensure continued quality services to its members.

Credit Union


Whoever makes ‘Shares’ in one or more accounts as prescribed by the Charter could be registered as a member. Members are offered dividends based on the Credit Union’s business performance.

Dividends earned on the shares worth no more than KRW 10 million is non-taxable.

Deposit & Loan Services

  • Tax-free Savings : Life Plan Savings (non-taxable), Long-term Housing Plan Savings
  • Savings with Tax Breaks : Tax-Break Comprehensive Savings
  • CD : Time Deposit, Hanarum Time Deposit, OK-Revolving Deposit, Power Time Deposit, Deposits with advance payment of interest
  • Investor Savings : Installment Savings, One-plus Installment Savings, Free Deposit Installment Savings, Daily Installment Savings, Scholarship Installment Savings, Lifelong Happiness Installment Savings
  • Free Deposit & Withdrawal Savings : General Savings, Self-sufficiency Savings, Free Savings, Alchan Free Deposit Savings, Plus Office Workers’ Deposit Savings, Corporate Free Savings, Bureona Deposit Savings
  • Internet-only Savings : Hanarum Savings (provided on the internet only)
  • Home Loan : Dream Mortgage Loan, Housing Loan, Insurance Loan, Line of Credit, Loan on Installment Savings, Personal Loan, Overdraft Loan, Convertible Loan
  • Business Loan : Daily Repayment Loan, Facility Loan, Loan on Installment Savings, Revolving Credit Loan, Commercial Bill Discounting, Hanarum-linked Loan
  • Loan to Support Low and Middle Income Families: Sunshine Loan, Sharing Society Loan, Micro credit for small traders and enterprisers
  • Internet Loan : Hanarum Internet Loan

Depositor Protection System

Under the Credit Union Act, all members’ deposit is safeguarded by the credit union Depositor Protection Fund in case of a credit union’s bankruptcy.

  • Protected deposits : Shares, installment savings, checking deposits
  • protected amount : Up to KRW50 million in total for principle and interest

CU Life & Non-Life Insurance

  • CU Life Insurance : Lifetime Insurance, Health Insurance, Disaster Insurance, Pension/Savings Insurance, Group Insurances
  • CU Non-life Insurance : Fire Insurance (General·House·Factory·Apartment), Theft Insurance, Drivers Insurance, Comprehensive Insurance

Electronic Banking Service

  • External Transfer Service with other CU and other financial institutions
  • ATM network/Online/Tele-Banking Services
  • VAN (Card terminal for merchants) Services
  • CU Check Card - Secure & convenient shopping and a variety of benefits
  • National Treasury - Receipt of tax refunds on oil expenses, Earned Income Tax Credit through your Credit Union accounts
  • Specialized Banking Service - Payment of your apartment maintenance fees, tuition fees for public and private schools

Welfare & Education Business

The credit union strives to make society a comfortable home for everyone. Development effort for local community offers the community economic support for an overall betterment, and this work is further completed by social welfare, social education, cultural welfare, and environmental protection businesses. The credit union leads social and cultural works to enhance the members’ quality of life.

  • Community development business
    • Community purchase, distribution, storage, and funeral businesses
    • Direct produce transaction business with rural communities, online shopping business (
  • Cultural welfare business
    • Establishment & management of social education facilities such as the Housewives’ College & Children’s Economics School (Child Banking)
    • Establishment & management of physical training facilities such as the Table Tennis Court and Fitness Center
    • Establishment & management of life convenience facilities such as the wedding parlor, library, restaurant, and public bath
    • Scholarship
  • Welfare businesses
    • Establishment & management of childcare and other welfare facilities for the elderly and disabled
    • Other related businesses
  • Environment protection campaign
    • Recycling, recycled tissue and soap use

National Credit Federation of Korea

NACUFOK is running the training and supervision works to make all primary credit unions contribute to members' economic and social status and local economic development. It will continue to make the utmost effort to provide sound support for members' walk towards the brighter future as well as healthy development and growth of the credit union through management of superb integrity and effectiveness.

Making Credit Unions More Substantive & Sound Business Support & PR

NACUFOK strives to improve upon the credit union’s competitive edge and public confidence through supervision, inspection, and training works related to credit-liability balance, accounting, and tax. Moreover, it is working in the frontline of the nationwide credit union campaign through various PR activities.

  • Training: Business training related to credit-liability balance, accounting, and tax/ Structural training related to organizational startup and M&A
  • Supervision: Business analysis and improvement related to the financial situation and income condition
  • Inspection: Surveillance against insolvent management of the credit union
  • PR: Enhance the public awareness of the credit union through media coverage and advertisement activities on paper, Internet, and other media channels
  • Publishing of monthly newsletter ‘CU Newsletter’ and other literature and production of film materials to support the credit union’s PR efforts

Inter-lending & Mutual Insurance Business to Facilitate the Members’ Welfare & Credit Union’s Development

NACUFOK is dedicated to support the credit union’s smooth operation and the members’ financial stability; its Inter-lending business through which the access capital is managed to provide members with an additional financial flexibility and Mutual Insurance business designed to improve the members’ welfare are the two most important examples of related efforts. It takes the deposit of access capital from a credit union to loan it to another credit union with an additional financial needs or to generate profit through high-yield bearing investment; it gives a positive input into improving the credit union’s asset liquidity and profitability. Mutual Insurance business is a non-profit cooperative insurance that promotes security about the uncertain future while enhancing the members’ welfare. This business is run under the particularly more transparent and stable management system.

The main products of Mutual Insurance business offered by a credit union are:

  • Life insurance
  • Non-life insurance
  • LP/LS
  • CD/CL
  • Telemarketing products

Credit Union Shopping Mall (

Credit Union Shopping Mall was established to upgrade the existing logistics system for the primary credit union and members, Credit Union Shopping Mall offers event coupons, joint purchase/auction, PR materials, souvenirs, various stationery, etc.

Systemized Electronic Services

NACUFOK is unfolding various activities ranging from development of the electronic system to provide financial services of a great convenience to survey and research activities to support effective and efficient management to welfare business to promote development in local community.

NACUFOK is also providing support for E-Finance works using the inter-bank wiring system, CD/ ATM network, Giro, and CMS in linkage with the Korea Financial Telecommunications & Clearings Institutions(KFTCI).

Furthermore, online banking/ online mutual insurance, mobile SMS services, phone banking/ mutual insurance services, FAX banking, and mobile banking are some of the other amenities offered by the Credit Union for the greater and freer access to different products and services beyond the boundaries of time and place.

R&D, and Welfare Businesses

NACUFOK collects and analyzes economic and financial information from Korea and abroad necessary for setting up the credit union’s policy.

In-depth research activities and data analysis works are used to make a proposal on effective and efficient business conduct.

It also facilitates the participation in welfare business to promote the development of local community while carrying out various research functions to support systems upgrade, new business, training within the credit union.

Human Resource Development through Education

Human resource development through education was a significant force behind a successful and competitive credit union movement.

The NACUFOK Training Center covers a wide range of programs to satisfy various demands of member credit unions.

So far more than 100 thousand employees and 390 thousand members, have participated in their respective educational programs to accomplish their own goals since its establishment in 1981.