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 Who can join Saratoga's Community Federal Credit Union?
are eligible to become a member of Saratoga's Community Federal Credit Union. If you're not sure if you meet these eligibility requirements contact us at 518.583.2323 and a staff member will assist you in determining your eligibility. We welcome all who meet our membership criteria. What is a credit union? While a credit union offers financial services to its members, it is different from most financial services providers. A credit union is a financial cooperative -- not a business. It is owned and controlled by the people who use its services. These people are called members to reflect their ownership status. The reason it is called a credit union is because the members come together through a "common bond" based on the community in which they live, the company or profession in which they work, their fraternal organization, or their religious affiliation. This common bond helps to define the credit union's "field of membership" which is determined under its state or federal charter. Credit unions are not for profit. Their boards of directors are elected by the members and serve as unpaid volunteers. Credit unions exist to provide a safe, convenient place for their members to save and get loans at reasonable rates. Why join a credit union? The credit union mission is service, not profit. Because they do not have to make profits for stockholders, members can usually obtain higher rates on savings, lower rates on loans, and lower, or no fees for many other financial services. All credit unions offer basic savings (share) accounts. Share accounts represent the member's ownership in the credit union. Although not all credit unions offer every type of service, most offer loans, and many offer checking accounts, ATM access, share certificates, home mortgages, IRA's, credit cards, and many more financial services. Since its field of membership is based on something close and important to you, the staff of your credit union treats you more like a friend than a customer -- you belong. Credit unions are safe institutions for your money. Your savings are federally insured to at least $100,000.00 and backed by the full faith and credit of the United States Government through the NCUA, National Credit Union Administration, a U.S. Government Agency. Originally, credit unions were founded to serve the needs of people of modest means who could not obtain financial services elsewhere. Today, credit unions are there to help in times of family or personal crisis by providing emergency loans to their members, as well as meeting the ever changing needs of today's member. Credit unions are a valuable employee benefit! Credit union membership is an important "fringe benefit" for an employer to offer employees. Although employees often think of the credit union as a benefit from the employer, the credit union is actually self-supporting and operates independently. Payroll deduction is a favorite among credit union members. It makes it easy to save or pay loans automatically. For the employer, it's simple and economical. Most credit unions even accept direct deposit, which can save money for the employer. Credit union membership benefits employees by:
The Credit Union can help your employees take charge of their own financial affairs and reach financial stability, thereby becoming more productive employees.
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