Spectrum Federal Credit Union is an independent financial cooperative owned by its members. Spectrum was chartered by the Federal Government in 1973 and operates in accordance with the Federal Credit Union Act and the regulations of the National Credit Union Administration. The National Credit Union Administration (NCUA) is the federal agency that charters and supervises federal credit unions and insures savings in federal and most state-chartered credit unions across the country through the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the full faith and credit of the United States government. What Is A Credit Union? A credit union is a cooperative financial institution that is owned and controlled by the people who use its services. These people are members. Credit unions serve groups that share something in common, such as where they work, live, go to church, or belonging to an organization - such as the Financial Fitness Association (in Spectrum FCU's case). Credit unions are not-for-profit and exist to provide a safe, convenient place for members to save money and to get loans at reasonable rates. How Is A Credit Union Different Than A Bank? Like credit unions, banks accept deposits and make loans, but unlike credit unions, they are in business to make a profit. Banks are owned by groups of stockholders whose interests include earning a healthy return on their investments. This means they often charge higher fees and interest rates to customers. Since Credit Unions are not-for-profit and are member-owned, earnings are returned to members in the form of higher dividends, lower rates, lower fees and the availability of new or enhanced products and services. Why Should I Join My Local Credit Union? More than 80 million Americans are members of a credit union. When we work together as member-owners, we have more control over our fees, rates, products and services. We also have a stronger voice in government, which helps ensure our financial rights and those of future generations are protected. It is important to keep the credit union movement growing for the benefit of not only the people it serves but to benefit anyone using financial services. Because we live in a free market system, credit unions provide competition with commercial, for-profit banks and keep overall financial rates affordable for many. For example, providing competition to banks, credit unions can offer competitive car loan pricing which keeps the loan rates lower in general so many can afford to purchase a new car. Through the efforts of the credit union movement, credit unions of all asset sizes are free to offer members quality, affordable financial services. What Are The Benefits Of Becoming A Member At Spectrum Federal Credit Union? Spectrum Federal Credit Union is a full-service financial cooperative that offers a full slate of products and services. We offer interest-bearing deposit accounts - including certificates and money market accounts - and debit/ATM cards, credit cards and lower interest loans. Spectrum FCU offers FREE bill pay, and FREE pc banking - also known as PAL - Personal Account Link. As a member-owner, you have a voice in your credit union and the right to vote each year at our Annual Meeting.