Membership Benefits
The credit union movement began in pursuit of an idea – that people could improve their standard of living and support the success of others by pooling their finances and offering loans to their neighbors and colleagues.
Credit unions were founded on the principle of "people helping people," where individuals could save money and buy goods more easily with the assistance of others. Credit unions have existed since the late 1800s when they started as savings banks where members could deposit their money and earn interest.
Today, credit unions offer a variety of financial services, including personal accounts, business accounts, and insurance and investment tools. They are owned entirely by their members, responsible for electing a volunteer board of directors who set strategy and policies for the credit union.
Good Return & Low Rates
The Credit Union is a member owned not-for-profit cooperative (co-op) formed for the purpose of encouraging savings by offering a good return. The collective monies are used to make loans at competitively low interest rates to members, and provide a multitude of other financial services to our members. We are constantly looking for new and better ways to provide our members with the most current, convenient, and beneficial financial services.
Local Leadership
Your Credit Union's Board of Directors sets the direction of strategy and operational policies. All of the directors are volunteers, who are elected by the membership at the annual meeting held in the spring of each year. In addition to the board, there are several committees which perform various duties to ensure quality service and maintain safety and soundness. These committees include the Supervisory Committee, which oversees risk and policy compliance as established by the board.
Deposit Insurance
All deposits at Heritage Family Credit Union are federally insured to at least $250,000 by the National Credit Union Administration. Certain accounts, such as IRA’s and Keoghs, are insured separately up to $250,000. Copies of the NCUA brochure “Your Insured Funds” are available at each branch and main office of the Credit Union and are also available upon request.
Visit MyCreditUnion.gov for more information about the National Credit Union Share Insurance Fund coverage for consumers.
Heritage Family Credit Union adheres to the seven cooperative principles, which include:
- Open and Voluntary Membership
- Democratic Member Control
- Members' Economic Participation
- Autonomy and Independence
- Education, Training, and Information
- Cooperation Among Cooperatives
- Concern for Community