|Philosophy & Structure
The San Francisco Bay Area Educators Credit Union is different from a bank, savings and loan or thrift because we are in business to help people, not to make a profit from them. The credit union offers its members a fair return on shares (savings), loans at fair market rates, personal attention to individual financial needs, consumer and financial information.
Members may invest and borrow with confidence knowing their money is safe. Deposits are insured up to $250,000 by the National Credit Union Share Insurance Fund.
Credit Union History
Our Credit Union was formed in 1955 by seven San Francisco teachers in order to benefit all teacher union members who wanted to participate. What started with seven members and $126 in assets over 50 years ago has grown so that today our 2200 members control assets of nearly $22 million.
Safety & Soundness
Credit unions primarily engage in consumer loans and residential real estate lending to their members Currently, credit union capital nationwide is above 7% and the equity ratio of the federal insurance fund, the National Credit Union Share Insurance Fund (NCUSIF), has operated above 1.25% for 15 consecutive years.
Regulation & Supervision
S.F. Bay Area Educators CU is a state chartered credit union under California Law. State credit unions are regulated by the Department of Financial Institutions.
Credit Union Misson
The mission of a credit union is to provide and promote the use of a variety of financial services which feature particular benefits and advantages over those generally available from other banking sources, with specific intent of helping members gain some particular measure of personal financial success.
When legislation or bankers' lawsuits attack any credit union, it's an attack on all credit unions.
Benefits of Membership
Founded on the basic democratic premise of the cooperative movement, credit unions believe that access to low-cost financial services is critical to the health and stability of ordinary citizens.