The Webster Federal Credit Union was established in 1964. We service the community of the Town of Webster, New York and the Town of Penfield, New York. The Webster Federal Credit Union is a full service financial institution. Look for the old school house bell tower just west of the intersection of Ridge Road and Five Mile Line Road.
Those who live, work, worship, attend school in or have businesses and other legal entities located in the Town of Webster, New York or the Town of Penfield, New York are eligible. Also included are spouses of persons who have passed away while within the field of membership of this credit union. Employees of this credit union, volunteers in the community, members of their immediate family or household, and organizations of such persons are also eligible.
All policy decisions and rates are decided upon by an elected Board of Volunteers from the membership. Board meetings are held on the second Wednesday of every month at 5:00 p.m. and all members are invited to attend. The election to the Board of Directors is held at the annual meeting. Nominations for the position of Director must be turned in, usually by the end of November. Each year, Director positions are open for election period.
Webster Federal Credit Union is committed to providing personal and varied services for the benefit and management of member funds. We will strive to improve our offered services while maintaining growth and efficient money management. As a Credit Union, we are member owned and operate to provide the best possible financial services consistent with federal regulations.
Persons who live, work, worship, or attend school in and businesses and other legal entities located in the Town of Webster, New York or the Town of Penfield, New York. Also included are spouses of persons who died while within the field of membership of this credit union, employees of this credit union, volunteers in the community, members of their immediate family or household, and organizations of such persons.
What is 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.
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.
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.
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.
Are savings deposits insured?
Yes. All savings accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.
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.