A credit union is a nonprofit, cooperative financial institution owned and run by its members. Members pool their funds to make loans to one another, and elect the volunteer board that runs each credit union. "Not for profit, not for charity, but for service," is the credit union motto. To join a credit union, you must be eligible for membership. Each institution decides whom it will serve.
In 1970 the National Credit Union Administration was created to charter and supervise federal credit unions and the National Credit Union Share Insurance Fund (NCUSIF) was organized to insure credit union deposits. In the independent credit union spirit, the NCUSIF was created without tax support and capitalized solely by credit unions.
Today there are currently over 12,000 credit unions with $316 billion in assets serving 70 million people in the United States.
Cal-Ed Federal Credit Union was chartered in 1960 at California University and originally consisted of faculty from Charleroi School District and California University. Over the years we have continually expanded our membership. In 1999, we moved our operations to a new building located at 100 Technology Drive. With this move we added new technology and services.
Our services now include:
- Extended Hours: Mon-Fri 8-5
- Savings Highest Rates Different Types/Different Rates
- Loans Lowest Rates Different Types/12 rates per type
- ATM's 2 on location (1 drive thru)
- Night Deposit Drive Thru (for safety and security)
- Safety Deposit Boxes
- Business Checking Business Boxes
- Auto Bill Pay
- Payroll Processing
- Direct Deposit
We have specialty currency items available for collectors. This is limited and an added service. Great for gifts.