Frequently Asked Questions
What is a Credit Union?
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and hires a management team to run the credit union. The board also establishes and revises policies, sets dividend and loan rates, and directs certain operations. The result: members have a safe, convenient place to save and borrow at reasonable rates at an institution that exists to benefit them, not to make a profit
Who owns a credit union?
Most financial institutions are owned by stockholders, who own a part of the institution and intend to make money from their investment. A credit union doesn’t operate in that manner. Rather, each credit union member owns one “share” of the organization. Members are also owners, and are 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 is to encourage members to save money and offer loans. Friends & Family Credit Union also provides many other consumer financial services including credit cards, online banking, and convenience services. Credit unions can typically charge lower rates for loans and pay higher dividends on savings because they are not-for-profit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.
How do credit unions support their communities?
Credit unions support their communities by returning almost all earnings back into the local memberships they serve. For-profit financial institutions such as banks earn profits from loan interest and fees and pay those profits to their stockholders, who can be anywhere in the world. Credit unions return earnings to their own members, who are typically within their own communities. Using a local credit union is like “buying local”: It strengthens your local economy.
Are savings deposits insured?
Yes. All savings accounts are insured up to $250,000 per account by either the NCUA, the National Credit Union Administration, or American Share Insurance. Accounts at this credit union are insured by American Share Insurance.
Who can join a credit union?
A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a “field of membership.” The field of membership may include where members live, where they work, or their affiliation with a social or economic group.
What makes Friends & Family Credit Union different?
We focus on providing a local, member-centered banking experience with personal service and financial solutions designed to support individuals and families in our community.
What services can I use at Friends & Family Credit Union?
Members can access everyday banking services, checking and savings options, consumer lending, vehicle financing, cards, and digital banking tools.
Can I manage my accounts digitally?
Yes. Our digital banking tools are designed to help members conveniently check balances, review transactions, transfer funds, and manage eligible bill payments.
Can Friends & Family help with my borrowing needs?
Yes. Our team can help members explore available lending options and identify solutions that fit their financial needs and qualifications.
Do you provide personal service?
Yes. We believe banking should feel personal. Our team works to provide helpful guidance and build long-term relationships with our members.
How can I get help if I have a question about my account or loan?
Contact us by phone, through available digital channels, or by visiting a branch. Our goal is to connect you with the appropriate team member and provide clear next steps.
What should I do if I experience a problem using online or mobile banking?
Please contact our support team so we can help troubleshoot the issue and provide guidance on the best way to restore access.
How can I find out about branch hours or service availability?
We encourage members to check our current branch information before visiting, especially around holidays or unusual operating conditions.
Why might a deposit not be immediately available?
Deposit availability can depend on the type of deposit and applicable account policies. Our team can explain the expected availability timeline for a specific deposit.
How can I get a faster answer about a loan request or financial service?
When contacting us, provide the relevant details about your request so our team can direct it to the appropriate area. If additional documentation is needed, we will work with you to identify the next steps.
What happens if I need help with an urgent banking issue?
Please contact us as soon as possible and clearly explain the urgency of your situation so we can help direct you to the appropriate support option.