It is a nonprofit cooperative financial institution owned and controlled by the people who use its services. Members save at their Credit Union, and the Credit Union then uses those funds to make low cost loans to other members. The income generated from loans and investments allow the Credit Union to offer other financial services, usually at little or no cost to the member. Since a Credit Union is a nonprofit organization, the Credit Union is generally able to offer better rates on savings and on loans to its members.

 

 

A Credit Union is democratically controlled by its members. The volunteer Board that runs the Credit Union is elected by the members. Credit Unions are not new. The concept originated in Europe in 1864 and migrated to the United States where the first Credit Union was opened in New Hampshire in 1909. In 1934 President Roosevelt signed the Federal Credit Union Act. Today, there are over 10,600 Credit union across the country serving more than 75 million members who have over $356 billion dollars on deposit. Credit Union have been rated Number #1 in customer satisfaction at financial institutions for 12 years in a row according to the American Banker Newspaper.

 

 

Credit Unions, like other financial institutions, are closely regulated, and they operate in a very prudent manner. The National Credit Union Administration, an agency of the Federal government, insures deposits of Credit Union members up to $250,000 The same Federal agency also provides most rules and regulations that Credit Unions must follow. The NCUA also audits each Credit Union at least once a year.

 

The Manville Area Federal Credit Union was officially chartered as the JM Employees Federal Credit Union on May 3, 1937. The Board of Directors renamed the Credit Union in the 1970’s when the Johns-Manville plant moved out of the area. It was at that time that the Manville Credit Union started to serve other groups as well.

 

 

What makes a Credit Union different from a bank or saving & loan? Like Credit Union, these financial institutions accept deposits and make loans – but unlike Credit Unions, they are in business to make a profit. Banks and S&L’s are owned by stockholders whose interests include earning a healthy return on their investment. Credit Unions often make decision based “how can we help you.” Banks and S&L’s usually make decisions based upon “how much money can we make from you.” This may explain why bank profits have set records for eight straight years.

 

 

Who owns the Manville Area Federal Credit Union ? Why, of course, you do. You as a member are also an owner of the Credit Union. We encourage you to use your Credit Union for all your banking needs.