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The Credit Union - Do you have all the fact on the Credit Union -- what it is and what it can do for your family?
A Little History...
The Credit Union idea was born in 1849 when the mayor of a small village in Germany wanted to help his people recover from the physical and financial devastation caused by the Napoleonic wars. His plan was for people to pool their small but regular savings and give out low interest loans. His plan worked well and the idea quickly caught on and spread across Europe.
The United States saw its first Credit Union established in Manchester, New Hampshire in 1909 -- based on the same principals of pooled savings and low interest loans. Today, there are almost 10,000 Credit Unions with membership over 84 million. The popularity of Credit Unions is due to many contributing factors, but the primary one is the quality of service they provide to members.
What's so special about Credit Unions?
Unlike other financial institutions, Credit Unions are owned and run by its members. Members make up the Board of Directors, who manae and elect the officers to handle the business and operation of the Credit Union. Members make up the Credit Committee which decides on loans that are made. Members make up the Supervisory Committee which makes sure the Credit Union is run correctly.
Are you getting the idea that it's the Members who make the Credit Union special? That's absolutely right! Our members are joined together by a common bond and we will serve only our members. There are no outside stockholders -- all net earnings after expenses are paid out to our members in dividends. That means you savings grow faster.
Is my money SAFE?
Absolutely. Federal Credit Unions are chartered under the terms of the Federal Credit Union Act and supervised by the National Credit Union Administration (NCUA).
Each member's savings are insured to the full legal limit by th National Credit Union Share Insurance Fund (NCUSIF).
Can the Credit Union take care of all my financial needs?
For many people, yes. We offer a full line of deposit services -- savings accounts and share draft accounts.
We also offer many types of loans -- for cars, boats, home improvements and more. Plus, you'll appreciate our low interest rates!
You Credit Union has three main functions:
Why not visit with one of our friendly service representatives today and see if Connecticut Federal Credit Union isn't the answer to your financial needs?