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Bethlehem, PA 18020-5737

Telephone 610-868-8211
Fax 610-868-7328
Serving Members Since 1939Office is CLOSED today (Saturday)
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Monday, September 4
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What's a Credit Union?

Facts About Credit Unions

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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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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 a credit union?

A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a "field of membership." The field of membership may include where they live, where they work, or their membership in a social or economic group.
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Your Heights Community FCU Accounts are insured to at least $100,000 and backed by full faith and credit of the United States Government through the by the National Credit Union Administration, a U.S. Government Agency (IRAs up to $250,000). Click here to read more about the NCUA. The Heights Community FCU is an equal opportunity housing lender.

Your savings are insured to at least $250,000 and backed by full faith and credit of the United States Government through the National Credit Union Administration (NCUA), an agency of the U.S. Government. IRA accounts are insured separately up to $250,000 by the NCUA. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. APY = Annual Percentage Yield   APR = Annual Percentage Rate
Copyright © 2017 The Heights Community Federal Credit Union. All rights reserved.

The Heights is a member of the Greater Lehigh Valley Chamber of Commerce. Click here to go to their site. The Heights supports Credit Unions for Kids, the most comprehensive fundraising vehicle for members of the credit union movement. Click here to go to the CU4Kids site. The Heights supports the Special Olympics Pennsylvania. Click here to go to their site.