Financial Tips

The Credit Union Difference: Part 1

By
on
October 17, 2019

As a member of TFCU, you know that credit unions are always striving to serve their members and community in as many ways as possible. We value each member’s input as an equal owner in the credit union, and offer flexible loan terms as well as low-cost accounts. We also reward our members with higher dividends, and proudly donate our time and our resources to community initiatives and organizations.

This article is the first in a series celebrating the history, contributions and benefits of credit unions.

Both credit unions and banks provide those they serve with a broad range of financial services and products. However, there are multiple distinctions between the two institutions. The primary credit union difference lies at its core: Banks are created to generate profit for their owners; credit unions are created to provide members with a place to manage their finances at the best possible terms.

The noble goal of putting members first is deeply rooted in the rich history of the credit union movement. Let’s take a quick look at the backstory of credit unions and how they came to be the thriving financial institutions we know today.

The first credit union was established in 1864 by Friedrich Raiffeisen in rural southern Germany. Raiffeisen believed his neighbors and friends could enjoy an enhanced standard of living if only they had access to common funds. He proposed that all community members pool their resources so individuals in need of loans could easily access the necessary funds. Raiffeisen’s idea was well received by his community, and the first credit union model was soon established.

In 1909, the credit union movement crossed the ocean to reach American shores. With Edward Filene serving as its pioneer, the movement gained momentum and continued its growth. In 1920, Filene hired attorney Roy F. Bergengren to assist him in generating the movement’s expansion. Bergengren soon created a more systematized concept for the credit union model we know and love today.

Credit unions were gaining popularity and popping up all over America, but it was only in the 1930s that the credit union movement achieved federal recognition and national acceptance.

When President Franklin Delano Roosevelt signed the Federal Credit Union Act into law in 1934, federally chartered credit unions in every state became legally authorized to create a system of not-for-profit cooperatives to promote thrift and sound financial practices.

The Federal Credit Union Act enhanced the public’s confidence in the credit union movement, and it continued to spread across the country. In 1970, that sense of security grew stronger when the National Credit Union Share Insurance Fund (NCUSIF) was established. Credit union deposits gained federal insurance that functions much in the way the FDIC insures bank deposits. Your money is always safe at Taunton FCU!

With the credit union movement growing at its most rapid pace, prospective members flocked to join the new member-owned financial institutions being established all over the U.S. In fact, between 1970 and 1979, credit union assets in America tripled.

In 1977, another credit union-friendly regulation was signed into law, empowering credit unions to offer more services and products to their membership, most notably mortgage lending and share certificates (which function much like CDs).

Today, the credit union movement continues to thrive in the path charted by its predecessors and is backed by the “full faith and credit of the United States Government.” These not-for-profit institutions serve more than 103 million members by always putting their members’ needs first and helping them achieve their personal goals through sound financial practices and targeted advice.

Here at TFCU, we’re proud to be a part of the collective institutions dedicated to the credit union mission. At the core of our values is an unwavering commitment to creating mutual benefits for members and the larger community. To that end, we are always here to help our members and enable them to optimize their savings or manage their finances as smoothly as possible. Our innovative banking solutions, low fees and high dividend rates, along with personalized service, help members achieve and maintain financial wellness no matter the financial goals they have. As a member-owned institution, our only objective is your satisfaction and your success.

Credit union history is still in the making. Be a part of it by calling, clicking or stopping by Taunton FCU today to learn about our exceptional financial products and to benefit from our highly personalized service.

Experience the credit union difference!

Your Turn: How does the core credit union value impact your finances in a positive way? Share your thoughts with us in the comments.

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Banking Made Easy

At TFCU, we are committed to offering an extensive range of products and services designed specifically with you in mind! We want to make your banking experience as easy as possible by giving you convenient access to manage your accounts on the go, all while providing you with the latest and greatest banking technology.

In addition to banking products & services, TFCU has several affiliate companies known as Credit Union Service Organizations! These companies allow us to offer Insurance Services, Financial Services & Real Estate Services to our members.

TFCU membership is available to anyone who lives, works, worships or attends school in Bristol County, Massachusetts; Bristol, Kent, Newport and Providence counties in Rhode Island; and the Rhode Island towns of Charlestown, Exeter, Hopkinton, Narragansett, New Shoreham, North Kingstown, Richmond and South Kingstown. Membership is also open to immediate family members of existing members.

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  • This weekend, our staff is volunteering their time to help out at the Trucchi's Supermarkets Stuff The Truck event in Middleboro!

Donations for the Sacred Heart Food Pantry will be accepted all day tomorrow. Stop by and make a donation to help out those in need in the community!

#tfcu #bankingmadeeasy #tfcustory #TFCUGives #tauntonfcu #tauntonfederalcreditunion 
#creditunion #creditunions #creditunionsrock #creditunionlife #credituniondifference #creditunionfamily #creditunionlove #creditunionmovement
  • Happy Veterans Day! Thank you to all of those who are serving and have served. 
Just a reminder that all of our branches will be closed today. 
All branches will will re-open Tuesday, November 12th at our regular business hours.

Access to your account is still available through:

Online Banking
Mobile Banking
Mobile Deposit
One of our ATMs
Telephone Banking

https://tauntonfcu.com/holidayclosing/

#tfcu #bankingmadeeasy #tauntonfcu #tauntonfederalcreditunion 
#creditunion #creditunions #creditunionsrock #creditunionlife #credituniondifference #creditunionfamily #creditunionlove #creditunionmovement
  • Next Friday the 15th of November, will be the last day to donate
canned goods and non-perishable food items to help support local food pantries & soup kitchens for our Thanksgiving Food Drive!

All items will be distributed within the communities we serve.

We are asking for Thanksgiving themed items such as: Boxed/Bag Stuffing, Canned/Packaged Gravy, Canned Vegetables (corn, pleas, carrots, green beans), Soups, Canned Cranberry Sauce, Cake Mix, Cookie/Brownie Mix and frosting.

Non-Thanksgiving items will also be accepted.

All donations can be dropped off through November 15th during regular business hours at any of our locations: 14 Church Green in Taunton, 480 Rockdale Avenue in New Bedford & 438 West Grove Street in Middleboro. 
#ThanksGiving #FoodDrive

#tfcu #bankingmadeeasy #tfcustory #TFCUGives #tauntonfcu #tauntonfederalcreditunion 
#creditunion #creditunions #creditunionsrock #creditunionlife #credituniondifference #creditunionfamily #creditunionlove #creditunionmovement
  • TFCU will be closed on November 11th, in observance of Veterans Day!
  • In the spirit of the upcoming holiday season, all month long, we are going to focus on ways TFCU gives back to the communities in which we serve! Community Service is a part of our mission all year round, but it's especially necessary this time of year with the Holidays and colder weather approaching.

Today, TFCU proudly donated several space heaters to Citizens for Citizens, Inc. in Taunton. The heaters will be used by Citizens for Citizens and distributed to those in need in the community.

Pictured are Deb Araujo, Director of the Citizens for Citizens' Taunton Office and TFCU Board Member, along with Nelson Tavares, our President & CEO, and Melissa Denzler, our VP of Administration. 
#tfcu #bankingmadeeasy #tfcustory #TFCUGives #tauntonfcu #tauntonfederalcreditunion 
#creditunion #creditunions #creditunionsrock #creditunionlife #credituniondifference #creditunionfamily #creditunionlove #creditunionmovement
  • Today, staff from TFCU, including Nelson Tavares, our President & CEO, and Russ Bradshaw, chairman of our board of directors, joined several area credit unions to build beds as part of the Massachusetts Coalition for the Homeless’ Bed For Every Child program! 
The Bed For Every Child program strives to give children in need a new twin mattress, box spring and set of linens so that they can get a good nights rest and be ready to follow their dreams in the morning! 
Volunteers today helped put together 40 beds that will be used as part of the program. 
For more information on the program, please click here: https://www.abedforeverychild.org —————————————————————— #tfcu #bankingmadeeasy #tfcustory #TFCUGives #tauntonfcu #tauntonfederalcreditunion 
#creditunion #creditunions #creditunionsrock #creditunionlife #credituniondifference #creditunionfamily #creditunionlove #creditunionmovement #abedforeverychild

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