To operate NEFCU as a cooperative, not for profit association, incorporated for the purpose of encouraging thrift among our members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for members to use and control their own money on a democratic basis in order to improve their economic and social condition.
A credit union is a member-owned, not-for-profit financial cooperative financial institution, owned and operated by its members. Unlike a bank or savings and loan that focuses on making large profits for its stockholders, a credit union exists just to benefit its members. Credit union gains are returned to the members as greater earnings on savings and lower interest rates on loans. The membership democratically controls its credit union; the members elect the people who serve on the volunteer board of directors. Only those within the fields of membership may join a credit union.
The NEFCU Board of Directors meet monthly to oversee the financial condition of the credit union and to make necessary changes & write policies as needed.
Any credit union member is eligible to serve as an officer. If interested, please contact any officer or employee. We always welcome new directors.
NEFCU operates in accordance with the federal rules & regulations set forth by the National Credit Union Administration (NCUA). Two audits are performed each year – One by the NCUA Federal Examiner and the other by the WV Credit Union League Services auditor. This insures the safety & soundness of your credit union.
Credit Unions exist to serve their members and surveys have repeatedly shown credit union members to be more satisfied with the service they receive than are bank S & L customers. Members have the power to direct credit union policy and even replace the board of directors if they choose. As a result of seeking to serve their consumer members instead of profiting from them, credit unions usually charge lower rates for loans, checking (share drafts), and other services and offer higher interest on savings.
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