What is a Credit Union?
A credit union is a cooperative, not-for-profit financial institution. It is owned by its members and governed by a member- elected volunteer Board of Directors who may hire a management team to run the credit union. The purpose of the Credit Union's existence is to encourage systematic savings through various types of investment plans and to provide low cost loans and other financial services, as required by our membership.
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How did credit unions start?
The first credit union cooperatives started in Germany over a century ago. The credit union movement started in the United States 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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Who can join Greenville Heritage Federal Credit Union?
Anyone who works, lives, worships, attends school or owns a business in Greenville County, SC is welcome to join our Credit Union.
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How can I join Greenville Heritage Federal Credit Union?
To join, just visit any of our four branches and complete a membership card, and deposit $5.00 (one share) into your regular savings account. You will immediately have all the benefits of credit union membership available to you.
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Are my savings safe and secure?
Yes. Greenville Heritage FCU was chartered and is supervised by the National Credit Union Administration (NCUA), an agency of the federal government. For your protection, it is required to establish the following safeguards:
(1) Each member's account is insured by the National Credit Union Share Insurance Fund (NCUSIF), the strongest federal deposit insurance fund
(2) A regular examination of the Credit Union is made by the NCUA
(3) An adequate reserve fund is established and retained at required levels
(4) "Surprise" audits are made by outside auditors appointed by the Supervisory Committee
(5) A blanket security bond is in effect against defalcations, thefts, burglaries, forgeries, etc., exceeding the minimum required by law
(6) Funds not in use as loans to members are only invested in government-backed or insured securities.
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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 entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
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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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Does Greenville Heritage FCU issue a newsletter?
Yes, our newsletter, Money Matters, is published quarterly and will be enclosed with the statement of your account. It is very important to read this newsletter to keep up with the current affairs of the credit union. An informed member is a happy member!
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Where is Greenville Heritage FCU located?
Please refer to Locations & Hours.
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How often will I receive a statement of my account?
A statement showing all of your credit union savings and loan accounts will be sent to you each month if you have a checking account or each quarter otherwise. You can also enroll in our Home Banking or call our Instant Teller to see your accounts anytime.
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What if I move?
Our membership policy is "once a member, always a member".
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What are the credit union's hours?
Please refer to Locations & Hours.
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Why can't I apply for membership and some services online?
Due to the Patriot's Act of 2001, we require anyone who would like to join or add some of our services to come into one of our four branches to show proper identification and verify signatures. This is done for the safety of our members.
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