A credit union is a cooperative, not-for-profit, financial institution organized to promote thrift and provide credit to its members (depositors). Owned by members, a credit union is controlled through a board of directors that is elected by the membership. The board serves on a volunteer basis and may hire a management team to run the day-to-day operations of the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs the overall course of the credit union. As a result, members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution that exists to benefit them, not to make a profit.

While most financial institutions are owned by stockholders, whose sole purpose for ownership is to make money from their investment, a credit union is owned by its members. Credit union elections are based on a democratic, one-member, one-vote structure (in contrast to for-profit financial institutions where stockholders vote according to the number of shares of stock they own). Each member is entitled to vote on important issues, such as the election of fellow member representatives to serve on the board of directors.

Yes. Each member’s deposit accounts are insured for up to $100,000 by the National Credit Union Administration, an agency of the federal government that oversees the activity of credit unions. Under certain circumstances, a member’s deposit accounts may be insured for over $100,000.

Unlike a traditional bank whose mission is to make a profit for their stockholders, credit unions exist solely to serve their members-owners, who are the only depositors. The fact that credit union policies are determined by volunteers means decisions are based on members’ needs - not on profits. Credit unions often charge no fees or lower fees for services, don’t require high minimum deposits, and make loans to members that banks may not make.

Credit Union membership is opened to all employees of NBC, CNBC, MSNBC, WCAU (Philadelphia, PA), WVIT (Hartford, CT), WJAR (Cranston, RI), WCMH (Columbus, OH), WNBC (Charlotte, NC), WNCN (Raleigh, NC), and KXAS (Fort Worth, TX).

Once an individual has become a member of the NBC (NY) EFCU, his or her immediate family members are then eligible to join. Immediate family members include parents, grandparents, children, grandchildren, spouse (or domestic partner), and siblings (brothers and sisters).

Membership is a benefit available to you for a lifetime, even should you leave NBC or otherwise change jobs, relocate, or retire, provided you maintain your primary share savings account with a minimum balance of $50.00. The motto “once a member, always a member” is written into most credit union bylaws (including ours).

Once you become a member, you receive immediate access to all the benefits of Credit Union membership, including loans.