Credit Union Philosophy
A credit union is a financial cooperative
organized to promote savings and to provide consumers credit at favorable
interest rates. All members of the credit union pool their assets, providing
funds for loans to those in need within the group.
Credit unions are not-for-profit cooperatives, owned and controlled by
their members. Members elect volunteer directors and supervisory personnel from
among the membership to direct operations.
The credit union is democratic in nature, with members possessing equal rights
to vote (one member, one vote) without regard to one's saving deposits or volume
Credit union services are designed to improve the economic and social well-being
of its members rather than to maximize profits. Any profits made by the credit
union, after appropriate reserves and expenses, are returned to the members in
the form of dividends, lower loan rates, more services or other benefits.
Who is Eligible for Membership?
Persons who live, work, worship, or attend school
in, and businesses and other legal entities located in Fulton County, New York;
Montgomery County, New York; or the Towns of Arietta, Benson, Hope, Wells, Lake
Pleasant, Speculator or Indian Lake in Hamilton County, New York.
And also included are spouses of persons who died while within the field of
membership of this credit union, employees of this credit union, members of
their immediate family or household, and organizations of such persons.
An initial deposit of $5 or more in a share account is all that's required to
join. This provides you with a lifetime membership even if you retire, move, or
leave for another job.
Important Information About Procedures to Open a New Account
To help the government fight the funding of
terrorism and money laundering activities, Federal law requires all financial
institutions to obtain, verify, and record information that identifies each
person who opens an account.
What this means for you:
When you open an account, we will ask for your name,
address, date of birth, and other information that will allow us to identify
you. We may also ask to see your drivers license or other identifying documents.