Merced School Employees Federal Credit Union was formed in 1954 by 7 school employees who wanted to have a safe place to save and borrow money at fair interest rates. Robert Wayne, one of the founding fathers and Manager for 39 years, ran the credit union out of a shoe box in his apartment and took loan applications in his bedroom until the credit union was large enough to allow him to quit his teaching job and become full-time manager. When he retired, Nancy Deavours, who has been with the credit union for many years became the new President/CEO. Under her direction, MSEFCU has grown into a full service financial institution with five branches including a student run branch at Merced High School. Our branches are located in Merced, Atwater and Los Banos.
The credit union is a Federally chartered, non-profit organization owned by its members. Our field of membership consists of school employees in Merced and Mariposa Counties, including UC Merced and Merced College, MSEFCU and McClatchy Publishing Co. employees, high school students, UC Merced students and eligible Merced College students along with the immediate family of each group.
We provide a full array of financial products and services - from traditional savings plans, loans, investments, and checking accounts, to 24/7 convenience services.
We've proudly served our hometown since 1954.
Our mission is to help members achieve their financial goals by building lifelong relationships within our diverse community, one member at a time, through a wide array of products and services.
What is a Credit Union?
A credit union is member-owned cooperative financial institution, formed around a common bond, which is generally employment. It's main purpose is to give member-owners a place to save and borrow money. Members put their money into a variety of savings and investment accounts, this money is then lent to members who pay interest. After operating expenses and reserve requirements are met, the remaining income is returned to the members in the form of dividends and other financial services. Member-owned credit unions are not for profit; they exist only to serve their membership. As a result, credit unions are able to pay high dividends on savings and charge low interest rates on loans. There are approximately 13,500 credit unions in the U.S. Their roots go back to 1849 when the first credit union was established in Western Europe.
Membership is Ownership
Merced School Employees Federal Credit Union is governed by a Board of Directors that establishes and reviews policy. The Directors are Credit Union members who are elected by the Membership and serve without pay. Every member has one vote, regardless of how much he or she has on deposit. At the credit union there is no select group of shareholders that profits more than anyone else. All members profit-individually and collectively.
Who protects your money?
Credit unions are protected by a federal insurance fund that is totally separate from the system that covers banks and other financial institutions. It is administered by an independent government agency called the National Credit Union Administration (NCUA). This agency insures your savings in much the same way as the Federal Deposit Insurance Corporation (FDIC) insures banks.
Your savings are federally insured up to $250,000 by the National Credit Union Administration (NCUA) and backed by the full faith and credit of the U.S. Government. Your Individual Retirement Accounts are insured separately up to $250,000 by NCUA.