A not-for-profit financial cooperative, Alabama Credit Union is one of 10,000-plus credit unions in the United States, and more around the world, founded on the principle of “People helping people.” Credit unions are organized not for profit, not for charity, but for service to members. Alabama Credit Union offers most products and services that you’ll find at banks and other financial institutions, but — as you’ll discover here — we are actually quite different.
You're treated like an owner, because you are. Unlike banks and for-profit financial institutions, credit unions do not have stockholders. Instead, every member is an owner. Profits are returned to members in the form of lower-cost loans, higher dividends on savings and deposits, and nominal, if any, fees on financial products. This is one way credit unions save members money. In fact, a study* performed by Alabama Credit Union compared ACU’s products and services with similar ones at local banks. On average, members save from $25 to $150 per month by using Alabama Credit Union instead of banks. Members save the most money when they have a savings or CD account, free checking, an auto loan, a credit card and a mortgage loan with Alabama Credit Union.
You choose volunteers to represent you. Each year at our annual membership meeting, members elect volunteers — their fellow members — to serve on Alabama Credit Union’s board of directors (which makes policy decisions) and supervisory committee (which oversees the safety of members’ deposits). Our 11-member board of directors and 3-member supervisory committee positions are filled by persons who wish to help the credit union grow and succeed in service to all members. Directors are elected to three-year terms and supervisory committee members are elected to one-year terms. Watch for news about Alabama Credit Union's annual membership meetings, usually held in March.
You’ll find better personal service. Alabama Credit Union takes pride in the service offered to members. In fact, credit union members report higher satisfaction with their credit union’s service than do customers of banks ... for 16 consecutive years, according to an annual survey conducted by the American Banker magazine. At Alabama Credit Union, you're not a number ... you're the reason we are here.
A history of caring. In the 1850s, German farmers faced a drought so severe that it was causing financial ruin for most of them. Exhorbitant financing rates required by opportunistic lenders prevented the farmers from borrowing money to help them survive the crisis. In response, a group of landowners banded together, pooling their money, to provide low-cost loans to their fellow farmers in need. The interest on the loans provided a dividend for the savers’ investment. The first credit cooperative was born.
Today's credit unions share a common bond, such as the employees of companies, members of an association, or residents of a community. In 1953, Alabama Credit Union was organized to serve the employees of The University of Alabama in Tuscaloosa. Shortly thereafter, employees of the University of Alabama in Huntsville’s campus were added to our field of membership. Alumni association members of both universities are eligible to join Alabama Credit Union, as well as employees of selected sponsor/employer groups such as JVC and Mercedes-Benz U.S. International. In 1999, the students of the UAH campus were permitted to join Alabama Credit Union. Now, residents of the Vance, Hillcrest and Huntington communities (Tuscaloosa County), Fayette County and Madison County may join Alabama Credit Union. Family members of existing members may also take advantage of Alabama Credit Union’s products and services. Once you are a member, you are always a member — even if you leave your current employer or move out of state. All that’s required is to keep your account open and in good standing.
You’ll learn why Alabama Credit Union is Better. All The Time. We strive to be as convenient as possible for our members. We constantly look for ways to add or enhance our product offering to save you money and time. And, we take pride in offering the strongest package of deposit insurance protection you’ll find almost anywhere — up to $100,000 per member by the National Credit Union Administration, and up to $250,000 per member by American Share Insurance.
Congratulations on participating in a democratic cooperative, where people are worth more than money. Welcome to Alabama Credit Union!
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