More than 4,400 members strong, Kaleida Health Federal Credit Union (KHFCU) offers financial products and services like a bank while offering you distinct advantages as a member.
Employees of Kaleida Health, Brylin Hospital along with persons who work regularly in the Health Care Industry in the New York counties of Erie or Niagara, and their family members, are eligible to join KHFCU.
To become a member of KHFCU, please come in person to one of our locations, with valid government issued photo ID (non-expired drivers license, identification card, passport) work ID, along with $6.00, cash or check, for a Savings account. Also, please bring proof of current address if it is not printed on your photo ID (utility bill, insurance, cell phone bill).
What's 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 policies, sets dividend and loan rates, and directs certain operations. Credit unions provide members with a safe, convenient place to save and borrow at reasonable rates. They exist to benefit members, 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 that way. 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 worldwide. The credit union movement started in this country in Manchester, New Hampshire in 1909.
What is the purpose of a credit union?
The main purpose is to encourage members to save money. Another purpose is to offer loans to members. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are non-profit 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 NCUA, 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" which may include where they live, where they work, or their membership in a social or economic group. Once you are a credit union member, your family members are also eligible to join.