If you’re ready to save money & time by moving to a financial institution that truly has your best interest at heart, you’ve come to the right place! Plus, getting started is easy…

Who Can Join Toro Credit Union?

Toro employees who live in the United States, as well as their immediate family members, are eligible to join the credit union.

Immediate family members include: spouses, children, stepchildren, parents, grandparents, grandchildren, brothers and sisters. It’s another benefit of being related to you!

Three convenient ways to become a member:

  • Stop by the credit union.*
  • Complete an online membership application.*
  • Download and complete our membership application and mail it to the credit union*:
    Toro Credit Union
    8111 Lyndale Ave South
    Bloomington, MN 55420

*A photocopy of your signed driver’s license or picture ID is required to open your account.  This can be done in person at the credit union or by simply uploading it.  You must be at least 13 years old to apply for online membership.

We will contact you to finalize your application. Please feel free to call us with any questions at (952) 887-8041 or (800) 525-0051.

Why Join Toro Credit Union?

Credit unions were created to provide financial services in a democratic, not-for-profit, cooperative manner — that is, with member ownership and control.

  • Credit unions are run by a Board of Directors, made up of elected members who volunteer their time to represent the membership interests.
  • When you join a credit union you become a member-owner of an institution whose sole purpose is to provide financial services that are in your best interest.
  • We offer higher rates on deposits and lower rates on loans because we reinvest excess profits into better rates and new services.
  • The more you use your credit union services, the more we can offer you as a member-owner.

We treat people like they own the place. Because they do! Member-ownership is what makes credit unions work for working people.

Important Information about Opening a New Account

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: 
When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license/ state identification or other identifying documents.

Mission Statement


Helping Toro employees and families save and borrow money wisely to improve your financial well-being.


  • Member Success
  • Trust
  • Financial Strength
  • Commitment to the philosophy of “People Helping People”


What’s a Credit Union?
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.

Who owns 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 doesn’t operate in that manner. Rather, each credit union member owns one “share” of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.

How did credit unions start?
The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary’s Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.

What is the purpose of a credit union?
The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.

Are savings deposits insured?
Yes. All savings accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.

Who can join a credit union?
A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a “field of membership.” The field of membership may include where they live, where they work, or their membership in a social or economic group.