Credit Union for Berkeley Students
Providing personalized service and better rates on savings and loans
so that your financial journey through life is a smooth ride.
- The only on-campus financial institution at University of California-Berkeley
- A branch office of Cooperative Center Federal Credit Union
- Supervised by CCFCU's management and staffed by student interns of the
Student Financial Advisory Committee (SFAC).
“To bring out the best in every intern in order to provide the Berkeley campus with
the most member-driven financial service institution available.”
What is a credit union (CU)?
A CU is a cooperative association organized to promote thrift and create a source
of credit for the membership by pooling members' savings to make loans at reasonable
interest rates. All profits go back to members in the form of competitive rates
and better services.
CU’s programs and services are determined by a volunteer Board of Directors elected
by the membership. With the members in mind—rather than shareholders as in other
financial service providers—these volunteers set lending, savings and organizational policy.
The Board of Directors and numerous members serving on vital committees volunteer
their time for the continued success of their CU.
Comparisons
|
Credit Unions |
Banks |
|
Not-for-profit |
Profit-driven |
|
Shares and Sharedrafts |
Savings and Checking |
|
All members are part owners |
Customers may have no ownership interests |
|
Democratically controlled |
Only investors/stockholders have voting privileges |
|
“People Helping People” |
Profit Maximization |
|
NCUA insured up to $100,000 |
FDIC insured up to $100,000 |
Why become a CU member?
In many cases, banking has become more expensive, more impersonal and more confusing than ever.
Did you know at most banks you get charged more to conduct business at the bank?
As a CU member you will join more than 72 million individuals nationwide who have taken advantage of
CU services and benefits. You become a vital part of an increasing group of people helping fellow members
while helping yourselves. Find out about the "credit union" difference.
C.U.B.S. and CCFCU particularly feel there is a definite need for quality, personalized service.
Additionally, members have access to many useful services, such as amusement park discounts and car buying service.
How did CU start?
Modern cooperatives began in Rochdale, England, in 1844 when the Rochdale Equitable Pioneers Society
formed a small store. They wrote the “Rochdale Principle,” which included open membership, democratic control,
and the return of all profits to members.
With success in England, the cooperative idea spread across the 19th-century Europe and eventually
into North America. In 1908, St. Mary’s Bank in Manchester, New Hampshire, opened as the first U.S. credit union.
Its cooperative not-for-profit philosophy was based on the Rochdale Principles, the framework around
which all CUs operate today. When you vote for your CU’s directors or get a great rate on a loan, you are
nourishing your CU’s cooperative roots. The “People Helping People” philosophy has worked for U.S. CUs for decades.
Its cooperative not-for-profit philosophy was based on the Rochdale Principles, the framework around
which all CUs operate today. When you vote for your CU’s directors or get a great rate on a loan, you are
nourishing your CU’s cooperative roots. The “People Helping People” philosophy has worked for U.S. CUs for decades.
