Credit Union History

The credit union idea was born back in the 1860s in Bavaria, Germany where debt of epidemic proportions and unscrupulous moneylenders were taking all that the townspeople owned. Its mayor, Frederick Raiffeisen, deeply troubled by the poverty of the farmers and workers in his region, appealed to the wealthy citizens for aid, but their help was inadequate. He then organized the farmers and workers to pool their own meager savings and, in turn, lent them to each other at a low rate of interest.  His plan worked so well, the idea quickly caught on and spread across Europe.

The first credit union formed in North America was in Levis, Quebec, in 1900. By 1909, the idea had reached the United States where the first U.S. credit union was opened in Manchester, New Hampshire. As the idea soon spread throughout the nation, and with the passage in 1934 of the Federal Credit Union Act, credit unions could be organized anywhere in the U.S.

Today there are more than 10,000 credit unions in the U.S. serving over 75 million members.

Who We Are

The NBC (NY) Employees Federal Credit Union is a federally chartered financial institution opened in 1975 to serve the financial needs of NBC employees, retirees, and their families. We are a member-owned, not-for-profit, financial cooperative dedicated to providing our members with quality financial products and services, delivered in a professional, personal, confidential, and timely manner.

Unlike other types of financial institutions that are strictly profit-driven in the never-ending drive to satisfy their wealthy stockholders, we return excess earnings to our members in the form of:

  • higher dividends paid on savings and investment accounts,

  • lower interest rates on loans, 

  • lower and fewer fees, and

  • new financial products and services.

Membership is free. When you join, the first account you open is a Share Savings Account. The term “share” refers to the concept of ownership, which is the foundation of all credit unions.

As an owner of the NBC (NY) EFCU, you will have full access to the many convenient and money-savings products and services we offer. Membership is a benefit available to you for a lifetime, even should you leave NBC or otherwise change jobs, relocate, or retire. What’s more, your family members are also eligible to join.

Mission

Your financial well being is our main concern and helping you build financial wealth is our goal. Our mission for over 25 years has been to deliver in a friendly, competent, and helpful manner, quality, competitive, financial services designed to meet our member’s needs.

Your Money’s Safe

Safety and security are two major considerations when you evaluate any financial institution. At NBC (NY) EFCU, you may be assured your money is secured. Each member’s deposit accounts are insured for up to $100,000 by the National Credit Union Administration (NCUA), a federal agency of the U.S. Government that oversees the activity of credit unions. Under certain circumstances, a member’s deposit accounts may be insured for over $100,000. Not one penny of insured savings has ever been lost by a member of a federally insured credit union.

Volunteers

Volunteers play a critical role in shaping the NBC (NY) EFCU future. Credit unions were founded on the principal of “people helping people” and volunteers have always been the “backbone” of our movement. At NBC (NY) EFCU, we are always looking for individuals willing to share their time and talents. Whether your expertise or interest lies in technology, finance, salesmanship, etc. and your are interested in becoming a volunteer, please contact the credit union. 

The Board of Directors is comprised of nine volunteers whose main responsibility is to set policy, plan the future direction of the credit union and to ensure that the credit union maintains its sound financial condition.

The Supervisory Committee is comprised of three volunteers whose main responsibility is to ensure that member’s funds and interest are protected and that the credit union’s financial records and operations are in order.

The Credit Advisory Committee is comprised of five volunteers whose main responsibility is to review loan officers’ work, review loan applications beyond the loan officers' scope, handle appeals of loan decisions and recommend loan policy changes.

Board of Directors

Supervisory Committee

Frank Lazzaro, President

Lori Cuomo, Chairperson

Diane Murphy, Vice President

Ronald Ellis, Member

Charles C. Young, Treasurer

James M. Mills, Member

Loretta L. Alden, Secretary

Lois M. Borth, Member
Lori Cuomo, Member Credit Advisory Committee

Peter M. Ehrhardt, Member

Miriam M. Fortis, Chairperson

Cathy Lavaty, Member 

Loretta L. Alden, Member

Vera F. Wells, Member

Vladimir Djedovic, Member

Robert J. Tobin, Emeritus

Jacquelyn Fritch., Member

  Vanessa Rowson, Member

 

Privacy/Security

As a member-owned financial cooperative, we are committed to making available financial products and services that will enable you to meet your financial needs and reach your financial goals. We respect your privacy and protecting personal information and using it in a manner consistence with your expectation is a high priority for everyone associated with the NBC (NY) EFCU.

What follows is a description of the information we collect and disclose, including the parties who receive nonpublic information from us as we conduct the business of the NBC (NY) EFCU.

Information We Collect About You

We collect only the personal information that is necessary to conduct our business. That means just what is relevant and necessary to provide you with competitive financial products and services - no more. Information about you is collected from the following sources:

  • Information we receive from you on applications and other forms.

  • Information obtained when verifying information you provide on an application or other form.

  • Information about your transactions with us or with other financial institutions.

  • Information we receive from credit-reporting agencies.

As a member, you will always have the opportunity to review your information and make necessary changes to ensure that our records are complete and accurate.

How We Use That Information

In order to administer, manage, and service your accounts to provide you with products and services, it is necessary for us to disclose or provide certain information about you to our service providers. These disclosures typically include information to:

  • Service or process financial transactions that a member requests or authorized.

  • In response to confirmations or inquires from other financial institutions as you have requested or authorized.

  • Follow instructions as you authorize.

  • Protect the interest and assets of the NBC (NY) EFCU.

We will share information only to administer the products and services we provide, when required to do so by the government or court actions, or when we partner with other businesses to offer a broader array of products and services.

We will partner only with businesses that follow strict confidentiality requirements and that follow strict privacy protection of all shared information. The businesses we select will offer products designed to enhance our members’ economic well being. Under no circumstance will we authorize these firms to charge your account without your express consent. In addition, we will not sell member information to telemarketing firms.

Disclosure of Information on Former Members

If you should decide to terminate your membership with us, we will not share information we have collected about you, except as may be permitted or required by law.

How We Protect Your Information

We restrict access to nonpublic personal information about you to those employees who need to know such information in order to provide products and services to you. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.

Your Right to Choose

An important part of maintaining your trust and confidence is by respecting your right to choose not to have nonpublic personal information shared with others. To the extent possible (other than information permitted or required by law), we will honor any member’s request to keep their information from being shared with our business partners. Simply write us a letter stating that you do not wish for us to share your personal information with any business partner we engage with on a voluntary basis. (Please remember to sign your letter.)

Financial Statements

Financially, the NBC (NY) EFCU shows continued growth not only in total share deposits, but also in net worth. Yet in a deeper sense, by continually striving for excellence in our products and service offered, we also enhance our value to our members as their financial partner. We invite you to review our financial statements at any time.

How To Contact Us

 

By mail:

NBC (NY) Employees FCU

By Phone:

(212) 664-3970

30 Rockefeller Plaza, Room 716 S

By Fax:

(212) 790-4748

New York, New York 10112

E-Mail:

nycu@nbcuni.com

MARS: 

(888) NBC-7960

VISA Hotline:

(800) 299-9842

Lobby Hours: Monday – Friday 9:00 – 2:00 (For cash withdrawals and same day deposits.)
After Hours: Monday – Friday 2:00 – 4:30 (For dropping off next day deposits.)
Office Hours: Monday – Friday 9:00 – 4:30 (For other transactions and credit union business.)

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