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About Us
Memorial Employees Federal Credit Union is operated under a charter which was granted in accordance with the Federal Credit Union Act, Public Law 86-354. Memorial Employees Credit Union is governed by laws, rules and regulations of the National Credit Union Administration. All accounts are insured up to $100,000.00 by the National Credit Union Administration. Savings, which are called "shares", and loan payments are processed through payroll deductions. Dividends are paid monthly. They are calculated on the daily balance and compounded monthly. (See our rates and fee schedule for more information.) The rate is determined by the Board of Directors and may change monthly. Every February all Credit Union members are invited to attend an annual meeting. A summary of the past year's finances, activities and growth are reviewed. Election of Credit Union Officials is held. Any member of the Credit Union is eligible to run for a position on the Board of Directors or the Credit Committee. All members of the Board of Directors and the Credit Committee serve on a voluntary basis. A Credit Union is "By the Members, and For the Members". |
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Unauthorized access is prohibited. All
accesses are monitored.
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In
February of 1971, a group of employees met to establish a Federal Credit
Union. The purpose of this Credit Union was to pool small quantities of
personal financial resources by those members willing to invest savings in a
joint venture that would bring a fair return to all that belonged. At the same
time the Credit Union would provide capital for other members who may, at one
time or another, wish to for productive purposes and promise to repay promptly
so additional members can draw from available funds as occasions of need arise.
