Benefits of Membership
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What is a credit union?
Credit Union roots go back to 1849 when the first credit union was established in Western Europe. A credit union is usually formed around a common bond. Its main purpose is to give member-owners a place to save and borrow. Members put their money into a variety of savings and investment accounts. This money is then lent to members who pay interest. After operating expenses and reserve requirements are met, the remaining loan income is returned to the members as dividend and other financial services.
Member-owned credit unions are not-for-profit; they exist only to serve their membership. As a result, credit unions are able to pay higher dividends on savings and lower rates on loans.
What are the advantages of credit unions?
Credit unions exist only to serve their member-owners. Surveys repeatedly show members are more satisfied with the service they receive from their credit union than a bank or savings and loan customers are with their institutions. Due to the fact that credit unions are democratic, member-owned cooperatives, members have the ability to direct credit union policy. If the majority of members are dissatisfied with the directors who set the policies of their credit union, they have the power to replace them.
Credit union elections are based on a one-member, one-vote structure. This structure is in contrast to for-profit, public companies where stockholders vote according to the number of shares of stock they own. The non-profit status of credit unions enables them to operate at a lower cost than many for-profit institutions and helps them to offer competitive loan and savings rates. In the October 2007 Consumer Reports publication, rated credit unions in the top 3 nationally out of 21 credit card providers surveyed. Credit unions provided better rates, fewer billing and interest rate problems and excellent problem resolution along with superior customer support and most credit unions do not charge an annual card fee.
Scholarship Program
Every year OPCS Federal Credit Union participates with the Credit Union Association of New York Scholarship Programs to provide our graduating seniors the opportunity to apply for scholarships up to $1,000.
OPCS Federal Credit Union also awards one $500 scholarship every year. Applications will be available in November 2010.
Candidates who will be considered for our scholarship opportunity must meet the following requirements:
- Must be an OPCS Federal Credit Union member in good standing
- Must be a high school senior
- Must be attending college for the first time in Fall of 2011
- Will be enrolled in either a two or four-year college
For more information, please contact the Credit Union at 716-662-1311