Federated Employees Credit Union is a member-owned, not-for-profit cooperative organized to provide financial service to members. FECU was established by 26 Federated Insurance employees on January 19, 1934.
The Credit Union Difference
Members have access to financial products and services, share in the profits, and elect directors. Membership is available to all Federated Insurance Companies employees and retirees, their spouses, children, grandchildren, parents, and siblings.
To become a member, all that is required is one share of $5 deposited into a credit union savings account.
When you join FECU, you become an owner. After FECU reaches necessary reserve and capital levels, profits are returned to 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 the board of directors. At FECU, volunteer directors are elected by the membership. Upon joining FECU, you become eligible to vote for the board of directors who serve you. Being members themselves, directors care about the organization and its membership.