Apex Credit Union FAQs
A credit union is a unique financial institution. As a financial cooperative, our credit union is owned by our members. Member deposit accounts form a money pool that enables our credit union to provide loans and financial services to our members. After the credit union’s overhead is paid, our excess earnings are returned to our members in the form of lower interest loans, higher yield savings and investment accounts, no or low fee money management services, and outstanding personal service.
A credit union is democratically controlled by their members. There are no stockholders. Members elect a volunteer Board of Directors from its membership. The Board is responsible for setting credit union policy, with daily operations handled by paid professionals, or in the case of a smaller credit union, by volunteers.
Credit unions do not make a profit. While a credit union needs income to provide member services and benefits, its primary purpose is to help its members create a more secure financial future.
Not everyone can join a credit union. Credit unions serve a specific field of membership as defined by their federal or state charter. Anyone who falls within this common bond can join. A common bond is defined as the employees of a company, members of a civic or church group organization, or residents of a community. Generally, persons within a member’s immediate family, by blood or marriage, may also become members.
If you work at one of Apex Credit Unions’s member groups or organizations, or live, work, worship or attend school in one of the communities we serve, you are eligible to become a member of our credit union and take advantage of the many loans and financial services we offer. Once you join, your immediate family can also become members. Check your eligibility.
A credit union receives its authority to operate by obtaining a federal or state charter. Annual examinations and oversight are conducted by the supervisory agencies ‒ the National Credit Union Administration (NCUA) for federal credit unions ‒ and the Pennsylvania Department of Banking for credit unions chartered under Pennsylvania law. Apex Community FCU is also governed by its member-elected Board of Directors.
Member deposit accounts are federally insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), which is administered by the National Credit Union Administration (NCUA). This fund is backed by the full faith and credit of the U.S. government. No taxpayer funds are used to support the NCUA or the credit union insurance fund. There are also steps you can take to have higher balances insured. The credit union also offers Excess Share Insurance that provides up to an additional $250,000 of insurance once your balance exceeds the coverage provided by NCUA. Call or stop by the credit union for the details. Contact Us.
We provide savings and checking accounts for many people who have faced financial challenges in the past and need a fresh start. We also offer lending products for people with less than great credit. Ask for the details.
Studies show the average member saves between $150 to $300 a year on accounts and services, plus significantly more for loans. Compared to banks, the more products and services you use, the more you’ll save. If you have any questions, call or stop by the credit union. Contact Us.