FAQ

What is a Credit Union?

St. Louis Firefighters & Community Credit Union is a not-for-profit financial cooperative, owned, controlled and operated for the benefit of its members. Since there are no outside stockholders to satisfy, the credit union can return a greater percentage of its income to you, the member-owner, in the form of higher interest rates on deposits, and lower interest rates on loans.

Who owns a credit union?

Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn’t operate in that manner. Rather, each credit union member owns one “share” of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.

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.

What is the purpose of a credit union?

The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.

Are savings deposits insured?

Every dollar you invest in St. Louis Firefighters & Community Credit Union (up to $250,000.00) is fully insured by the National Credit union Administration (NCUA), an agency of the federal government. You can rest assured that there is no safer place for your hard-earned funds than a federally insured credit union.

Who Can Join?

Chartered in 1933, St. Louis Firefighters & Community Credit Union is proud to serve firefighters, retired firefighters, family members, and those living or working in St. Louis County, and St. Louis City.

Family Membership

St. Louis Firefighters & Community Credit Union encourages family members to join. The benefits of a credit union membership aren’t limited just to you. The credit union is a wonderful place for your children to learn about savings, your brother or sister to get a low-cost loan, or your parent to build their retirement nest egg.

How Can I Join?

To become a member of St. Louis Firefighters & Community Credit Union, all that is needed is a deposit of at least $5.00 into a share account. This initial deposit establishes your membership/ownership in the credit union.

Once a member, Always a Member

Once you are a member of the credit union, you remain a member for life-whether you move, change jobs or retire-as long as you maintain at least a $5.00 balance in your share account.

Financial Security

Every dollar you invest in St. Louis Firefighters & Community Credit Union (up to $250,000.00) is fully insured by the National Credit union Administration (NCUA), an agency of the federal government. You can rest assured that there is no safer place for your hard-earned funds than a federally insured credit union.