What’s a Credit Union?
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
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Who owns a credit union?
Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn't operate in that manner. Rather, each credit union member owns one "share" of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
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How did credit unions start?
The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.
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How did Genesee Valley Federal Credit Union get started?
Genesee Valley Federal Credit Union is formerly known as G.V.T.A Federal Credit Union. Genesee Valley Teacher Association was formed and operated with teachers of the Livingston, Steuben and Wyoming County Boces.
We now have offices in Geneseo,Dansville and Warsaw.
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What is the purpose of a credit union?
The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.
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Are savings deposits insured?
Yes. All savings accounts are insured up to at least $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.
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Who can join Genesee Valley Federal Credit Union ?
At Genesee Valley Federal Credit Union, if you live, work, worship, go to school or volunteer in Livingston or Wyoming Counties, you are eligible to become a member. Also, included are member's immediate family-(grand)parents, children, siblings and / or individuals in the same household as the current member.
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Our Mission at Genesee Valley Credit Union...
To earn the trust and confidence of our members by exceeding expectations through our commitment to thier financial success;by meeting member's financial needs through exceptional service at the best possible value while maintaining financial stability. We strive to be our members' primary financial institution.
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