What is a
credit union you ask? That is a very good question, and you are one of many who
wonder that same thing. A credit union
is a not-for-profit organization that is held together by a common goal of
people helping people. When you open an
account at a credit union you become a ‘member’ of that credit union. Money that you put on deposit, along with the
other member’s deposits, is used to lend out to members in the form of low
interest rate loans, and for investments, to bring income into the credit
union. Even though credit unions are
not-for-profit organizations, a minimum amount of profit (income) must be made
from loans to members and investments so we can pay for the products and
services offered - products such as debit cards, interest bearing checking
accounts, mobile app, bill pay, home branch, eStatements, and more. It is also used to pay dividends on savings, CD’s IRA’s, and Money Markets accounts.
Beacon
Community Credit Union has been in existence since 1947. Beacon was originally the Louisville Naval
Ordnance Plant Employees Credit Union and was located inside the Naval Base on
Southside Drive in Louisville. There are
currently two offices with a third coming soon. A credit union’s reason for existe
nce is to
serve the financial needs of its members, and Beacon does this by offering low
cost loans, affordable products and services.
Becoming a member of Beacon is easy - just visit one of their branch
locations, fill out a short member card, and deposit $5.00 into your member
savings account. That minimum balance requirement goes back to you if you ever
decide to close your account. After that
you can take advantage of any credit union product or service you desire.
Beacon has a
Board of Directors who volunteers their time to ensure the financial practices
of the credit union are safe and sound.
In addition to the Board of Directors, state and federal regulators
review the credit union annually for financial stability. Member’s shares are insured up to $250,000
per member by NCUA (National Credit Union Administration). This is the same type of government backed
insurance that the FDIC provides for banks.
Beacon
constantly strives to find new products and services to serve the financial needs
of their members. Every decision is made
with the members’ best interest in mind.
Beacon can be
found at www.beaconccu.org, or call 502-366-6022. Any of their staff is
happy to help with any of your financial needs.
