Federated Employees Credit Union was established by 26 Federated Insurance Company employees on January 19, 1934. It is a member owned, not-for-profit cooperative organized to provide financial service to members. Once a member, you have access to financial products and services, you share in the profits, and elect directors.
What is a credit union and how it is different from other financial institutions
Federated Employees Credit Union (FECU) is a not for profit financial cooperative, owned and operated by its members. Unlike other financial institutions, FECU has no stockholders; instead, we are owned by our member depositors. When you join FECU, you become an owner. After necessary reserve and capital levels are achieved, profits made at FECU are returned to the member/owners through lower rates on loans, higher rates on deposits, and no or low fee services. In contrast, at other financial institutions, rates and fees are driven by stockholders who consider their ownership an investment and place more emphasis on profits, not service.
Another distinct difference between FECU and other financial institutions is in the leadership of the organization, the board of directors. At FECU, the volunteer board of directors are elected by the membership at FECU. Upon joining FECU, you become eligible to vote for the board of directors who are serving you. FECU board and committee members volunteer their time and being members themselves, they care about the organization and the membership. FECU has the members’ best interest in mind.
Open an Account