The FirstEnergy Family Credit Union (FEFCU) offers an excellent financial alternative by offering higher savings and lower loan rates than other financial institutions. And, we offer these remarkable rates everyday - not just on special days. At FirstEnergy Family Credit Union, you come first. We understand your needs because we've been serving the FirstEnergy Companies and their families since 1936. As a member-owned credit union, we will always act in your best interest.
A credit union is a financial cooperative. People who share a common bond, such as their place of employment or church, join together in a non-profit association for the purpose of doing business with one another. They save their money in a common fund, borrow those funds with low cost loans, and receive other financial services at little or no cost.
Credit unions are not credit bureaus, labor unions, loan companies, or a finance house! They are financial institutions incorporated under state or federal laws to provide financial services to their members.
A credit union belongs to its members. When you open your account at a credit union, you become one of the owners of your cooperative institution, and as such, you are entitled to a say in how the credit union is run.
The board of directors, which sets policies for the credit union, is elected from the membership. Each member receives one vote in selecting these directors, regardless of the amount of money he or she might have in the credit union. You can nominate someone for the board of directors, vote for the candidates of your choice, and even run for office yourself.
Each year at the credit union's annual meeting, the board reports to the membership, new board members are installed and other business affecting the credit union is discussed and acted upon.
Credit unions operate under either state or federal charter, and the books and records are inspected regularly by the appropriate government supervisory agency. State and federal law and regulations assure that all credit unions operate within defined guidelines.
Credit unions are also required by law to have regular examinations by an independent source, with the findings reported to the board of directors.
Federally-insured credit unions offer a safe place for you to save your money, with deposits insured up to $250,000 per individual depositor. The National Credit Union Administration (NCUA) is the independent agency that administers the National Credit Union Share Insurance Fund (NCUSIF). Like the FDIC's Deposit Insurance Fund, the NCUSIF is a federal insurance fund backed by the full faith and credit of the United States government. MyCreditUnion.gov
Credit unions exist not to make a profit for outside stockholders, but to provide services and benefits to their members. This means that after expenses and required reserves have been met, the earnings of the credit union are returned to members in the form of dividends. Credit unions are usually able to offer higher dividend rates and lower loan rates than other financial institutions because their financial return is used for the benefit of the membership. "Not for profit, not for charity, but for service," is the credit union motto.
Credit unions are People Places! They care! Each year, unbiased research (i.e. Consumer Reports magazine) shows that consumers are far more happier with the personal service available from credit unions than with any other financial alternatives. That's because credit unions are MEMBER OWNED.
REMEMBER - a credit union is your safest, fastest, friendliest, most economical source of credit and financial services. Why not join, or encourage a family member or any relative to join the millions of others who have discovered the benefits of credit unions? Become a member today!
Credit unions: They're People Places!
*Home Equity Loans – APR = Annual Percentage Rate. Rates as low as 3.99% for up to 60 months. Actual rate may vary based on credit worthiness and the terms of the loan. Your rate can be higher depending on credit performance. Financing up to 80% of the appraised value of primary residence is available. Rates are subject to change without notice. Home Equity loans currently financed through the credit union may be subject to additional processing fees. For a limited time, FEFCU will pay all processing fees up to $400. Processing fees include appraisal, flood determination, title search, title insurance, mortgage document preparation and recording fees. $400 based on a $43,000 loan on a primary residence located in Summit County. Additional fees may apply based on amount of loan and county in which the primary residence is located. To qualify for the limited time, "Low Fee" special you must draw $30,000 for your first advance for 36 months. Actual rates, fees, and terms are based on those offered as of the date of application and are subject to change without notice. If you pay-off the loan for any reason within 36 months, a $400 fee reimbursement charge will apply to reimburse processing fees. NMLS ID: 813333
1 - Vehicle Loans – *APR = Annual Percentage Rate. Rates as low as 2.99% for up to 60 months. Actual rate may vary based on credit worthiness, age of vehicle and the terms of the loan. Your rate can be higher depending on credit performance. Financing up to the NADA average retail value of the vehicle is available. Rates are subject to change without notice.
*Vehicle loan gas card – This offer is valid only for loans over $10,000 with a minimum term of 24 months. Loans currently financed with FEFCU are not eligible for this offer.