The support and growth of service made it change their name from Massillon Area Credit Union to Friends and Family Credit Union. The company claims that their philosophy didn’t change at all; it is represented by the same management and provides the same services. Their members are still the ones who own the company. Anyone who lives, attends school, works in Stark County, Ohio can be provided with loans, savings and other financial services exclusively by Friends and Family Credit Union. The company also offers services of financial kind to organizations and businesses in Stark County. The Company’s experienced staff is fully committed to their duties, to serve their members the best way possible. It is a financial institution who serves more than 6,000 members, with over $64 million in assets. At Friends and Family, their members represent the owners of the credit union. The entire volume of earnings is returned to their members in the form of different services, lower interest on loans, higher interest on savings, lower service fees. The policies for the credit are set by the Board of Directors, who is elected by members of the company.
How to become a member
In order to become a member, one must work, live or attend a school in Stark County, Ohio. Family members of those who joined the existing credit union are also qualified to join. The only requirement is a deposit of $5.00 on a savings bank account. The many services of Friends and Family will become accessible to those who join the community.
In 1958 was established The Massillon Area Credit Union, later to become The Friends and Family Credit Union. It was organized to attend the financial requests of employees of the Massillon school organization. Later, the company had become a Community Charter, in order to assist every person in Stark County, Ohio.
Regarding Credit Unions
A non-profit financial organization, such as Friends and Family, is set to offer credits to its members and is called a credit union. It is controlled by a board of directors who are elected by members of the company. Those who become its members are assured with a safe and suitable institution where they are able to save and borrow at acceptable rates, at a place which is designed for their benefit and not for the benefits of others.
What’s a Credit Union?
A credit union is a cooperative, non-profit financial institution structured to encourage thrift and offer credit to its members. It is controlled by a board of directors who are chosen by members of the institution. This board of directors hires a team of managers who are in the charge of the credit union, the directors are serving on a volunteer basis. The board directs several types of functions as well as establishes and revises policies. It positions dividend and loan rates, and directs certain operations. As a result, members are offered a secure, convenient place to save and borrow at realistic rates at the organization which purpose consists in benefiting them.
The Owners of a Credit Union
Stockholders represent most of financial organizations; they own a part of the institution and plan on profiting from their investments. A credit union is operated in a totally different way. It is organized in a way that every credit union member owns a part of the institution. The users also have the right to vote on important questions and elect the board of directors.
The Beginning of Credit Unions
Germany was the country where the first cooperatives were founded, this happened over a century ago. These types of organizations can be found anywhere in the world now. The movement first reached Manchester, New Hampshire. There, the church-affiliated institution opened its doors in 1909. Nowadays, about 30 percent of Americans are members of a credit union.
The Purpose and Services
Friends and Family will charge lower rates for loans (as well as give higher dividends on savings) for the reason that they are non-profit cooperatives. The main goal of Friends and Family is to persuade its members to save money more efficiently. Another goal is to distribute loans to its members. Friends and Family is offering loans for cars and other vehicles, personal loans, as well as home improvement loans. The institution offers gift cards which are available at any branch and are received at over a million places. It can be used everywhere in the USA. If the Card gets ever lost or stolen, the remaining balance can be reimbursed or restored. There is a possibility to deposit the paychecks automatically to the personal account of the member. This possibility should be discussed with the employer. Payroll Deduction is accessible to every member whose organization is involved with Friends and Family Credit Union in the payroll deduction map. It is up to the member to decide how much to save every day.