How Credit Unions Began
The Credit Union Idea was born in 1849 when the mayor of a small village in Germany wanted to help people recover from the Napoleonic wars devastation. He planned for people to pool their small but regular savings and give out low interest loans. His plan worked well and the idea quickly spread across Europe.
The first Credit Union in the United States was established in Manchester, New Hampshire in the year 1909 and was based on the same principles. The continuing popularity of Credit Unions is due to many contributing factors, one of which is the quality of service they provide to members.
Who Controls & Operates the Credit Union?
Credit Unions are non-profit organizations meaning that all net earnings will be returned to members in the form of dividends. The Credit Union is member controlled. Each member has one vote in the annual election of officers. Management is under the direct control of the Board of Directors. A detailed financial statement is posted in the credit union office monthly.
We Are Your Credit Union
Since establishment on January 5, 1956, Electrical Workers #22 Federal Credit Union has prided itself on a friendly, professional atmosphere and full service. Be proud to be a part of your Credit Union.
What’s So Special About Credit Unions?
MEMBERS make this Credit Union Special. Our members are joined together by a common bond; each is either a member of Local #22 or one of their family members. And remember, since the members own the credit union, you can be sure they know your needs and work hard to exceed your expectations.
How Do I Join?
It’s Simple! All you need to do is sign a membership card and deposit $25.00 into your savings account. Then you’re ready to authorize a payroll deduction to your savings account or as a loan payment. Application cards are available at your credit union office. We encourage you to stop in and see the organization of which you will be a part owner.