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What is a Credit Union?
A federal credit union is a nonprofit, cooperative financial institution owned and run by its members. Organized to serve, democratically controlled credit unions provide their members with a safe place to save and borrow at reasonable rates. Members pool their funds to make loans to one-another. The members elect the volunteer board that runs each credit union. Not for profit, not for charity, but for service is a credit union motto.
Credit unions are not new. Originating in Europe, credit union history began in this country when the first credit union was formed in Manchester, New Hampshire, in 1909. Today, over 10,350 federally insured credit unions with $430 billion in assets serve nearly 78 million people in the United States.
More and more people join credit unions every year and they are pleased with the service. Credit unions have rated No. 1 in customer satisfaction at financial institutions for 10 years according to the American Banker Newspaper’s annual customer satisfaction survey.
Protected By The NCUA
Bethlehem Teachers Federal Credit Union is governed by the National Credit Union Administration (NCUA), a U.S. Government Agency. It is the credit union equivalent of commercial banks' Federal Deposit Insurance Corporation (FDIC). The NCUA, through its insurance fund (NCUSIF) protects your shares up to $250,000 against loss due to the failure of a federally-insured credit union for any reason.
To join a credit union, you must be eligible for membership. Each institution decides who it will serve. Most credit unions are organized to serve people in a particular community, group or groups of employees, or members of an organization or association. Click here to find out who is eligible to become a BTFCU member.
Some material on this page is from the NCUA Web Site.
Copyright © 1999-2013 Bethlehem Teachers Federal Credit Union.