A warm welcome to MSEFCU!
Started by a local group of teachers in 1954, Merced School Employees Federal Credit Union is a full service, member owned, not for profit financial institution, dedicated to serving the changing financial needs of our members.
The Credit Union Difference
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, low loan rates and low or no fee 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.
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.