The History of the Credit Union Movement
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 6,000 federally insured credit unions in the U.S. serving over 100 million members.
Who We Are
Think of us as a non-profit bank owned by depositors and dedicated to personalized service.
The NBC (NY) Employees Federal Credit Union is a federally chartered financial institution opened on July 6, 1976 to serve the financial needs of NBC employees, retirees, and their families. (On October 1, 1977 the NBC (NY) Employees Federal Credit Union merged with the NABET Credit Union.) 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 financial institutions that are strictly profit-driven in the never-ending drive to satisfy 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; and
- lower and fewer fees and charges
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 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 (Family members include: Parents, Grandparents, Children, Grandchildren, Spouse or Domestic partner and Siblings – Brothers & Sisters) are also eligible to join.
Your financial well being is our main concern and helping you build financial wealth is our objective. Our mission for nearly 40 years has been to deliver in a friendly, competent, and helpful manner, quality, competitive, financial services designed to meet our member’s needs.
While we may not necessarily provide the best price on every financial service we offer, our objective is to present the greatest value of financial products and services when packaged together. This goal supports our mission – to be a one-stop shop for all your financial needs.
Your Money's Safe
Safety and security should be two major considerations when determining where you’re going to entrust your finances to. At NBC (NY) EFCU, you may be assured your money is secured. Each member’s deposit accounts are insured for up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the U.S. Government. (This insurance is similar to the deposit insurance provided by banks from the FDIC.) Under certain circumstances, a member’s deposit accounts may be insured for over $250,000. Not one penny of insured savings has ever been lost by a member of a federally insured credit union. https://www.youtube.com/watch?v=H-Esxshnxo0
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 you 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.
Board of Directors
Frank Lazzaro, President
Diane Murphy, Vice President
Charles C Young, Treasurer
Vanessa Rowson, Secretary
Loretta L Alden, Member
Lois M Borth, Member
Frank Castrofilippo, Member
Peter M Ehrhardt, Member
Cathy Lavaty, Member
Frank Castrofilippo, Chairperson
Frank Morano, Member
Meade Jorgensen, Member
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. http://mapping.ncua.gov/SingleResult.aspx?ID=22351
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