Why would I want to Join the Manville Area Federal Credit Union?
MAFCU can provide numerous financial services at little or no cost to you. For example, our checking accounts are free with no service charges, no minimum balance required and no per check charges. MAFCU usually offers the highest CD rates in our area. Our loan rates are very competitive and loan processing is fasssst! As you browse our web page check out all that is available to you as a member of the Credit Union. We offer financial information, exceptional service and great rates – very good reasons to join the Manville Area Federal Credit Union.
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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.
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What is the purpose of a credit union?
The primary purpose of a Credit Union is to help improve the financial well-being of its members. This is done by providing low rate loans for any good purpose. In fact, credit unions have traditionally made loans to people of ordinary means. Credit Unions also encourage members to save by offering attractive saver rates. The money our members save is then used to make loans to other members. Credit Unions can usually charge lower rates on loans and pay better rates on savings because we are nonprofit financial institutions. Rather than paying profits to stockholders, Credit Unions return earnings to members in the form of dividends, lower loan rates and improved services.
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Who owns a credit union?
Most financial institutions are owned by stockholders who rightfully expect a hefty profit from their investment. This requires most financial institutions to generate increasing profits or else. A Credit Union doesn't operate in that manner. Rather it is the members who own the Credit Union. Each member-owner is even entitled to vote on important issues, such as the election of member representatives to serve on the Board of Directors.
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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 people live, where they work, or their membership in a social or economic group. Some Credit Unions, such as MAFCU, have numerous employers and groups in the "field of membership"
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Are savings deposits insured?
You bet. Definately, Absolutely. Positively. All savings accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government. NCUA is synonomous with the FDIC that oversees banks. NCUA insures all savings deposits up to $100,000 and all IRA deposits up to $250,000 as well.
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