The Lancaster-Depew Federal Credit Union was chartered in 1957 to provide financial services to the employees of the Lancaster Central School District.  Since that time we have expanded our services to several other emplyoee groups and assosiations.  In 2005, the Depew Teachers Federal Credit Union joined us in a merger that added even greater strength and stability.

          The Lancaster-Depew Federal Credit Union was established to provide quality financial services to its members through sound policies designed to encourage financial planning, thrift, and financial independence in a cooperative atmosphere of people helping people for the benefit of all of our members.  It is our promise to promote fiscal and social responsibility through our programs, our services, and the education of our members.

WHAT IS A CREDIT UNION

           A credit union is a cooperative financial institution based on the principles of thrift and democratic control.  The principles which define cooperatives are voluntarily and open membership, democratic member control, member economic participation, autonomy and independence, education, training, and information, cooperation among cooperatives, and concern for the community.

          Credit unions, as cooperative ventures, have followed practices such as those mentioned for more than a century.  Today, as in the past, the cooperative idea is at the core of the credit union movement.  The following operating principles adopted by the World Council of Credit Unions in 1984 affirm our foundation.

• Membership is voluntary and open to anyone within the common bond.
• Democratic control is guaranteed through equal voting rights.  One member, one vote.
• Savings and deposits pay a fair rate of interest.
• Any operating surplus (profit) is returned to members in the form of lower rates on loans and higher savings rates.
• Credit unions are neutral in sex, race, nationality, religion, and politics.
• Service to members is the primary motive.
• Credit unions promote ongoing education among members, employees, and the public.
• Credit unions shall actively cooperate with other cooperatives.
• Credit Unions strive to further social responsibility.

DIFFERENT THAN BANKS

        Since credit unions are true cooperatives they differ from other financial institutions which may be owned by stockholders and run by people who do not live in the community.  The members own the credit union and elect a volunteer Board of Directors.  The Board is charged with the responsibility to provide direction and control the credit union according to the wishes of the membership and in accordance with all pertinent laws and regulations.  The Board accomplishes this by setting policy, appointing committees, and hiring a chief executive office to carry out those policies.  There are no stockholders, so all of the profits of operation are returned to each of our members in the form of dividends, lower rates on loans, and value added services.  The more you use your credit union, the greater the benefit derived by you and your fellow members.

FINANCIAL PEACE OF MIND

          Deposits in the Lancaster-Depew Federal Credit Union are insured up to $100,000 by a fund which was capitalized by credit unions and is regulated by the National Credit Union Administration (NCUA).  Historically credit unions have contained their own losses and the taxpayer has never had to provide the funds to bail out any credit union.

          NCUA is the governmental agency which regulates federally chartered credit unions and examines them annually.  Additionally, the Supervisory Committee of our credit union arranges for an outside audit annually.  The Supervisory Committee is the internal police of our credit union.  These volunteers are charged with the responsibility for monitoring internal controls, verifying members’ accounts, auditing cash on hand, examining the books of the credit union through an annual outside audit, and monitoring, evaluating, and policing the performance and the policies of the Board of Directors.

MISSION STATEMENT

            The Lancaster-Depew Federal Credit Union was established to provide quality financial services to its members through sound policies designed to encourage financial planning, thrift, and financial independence in a cooperative atmosphere of people helping people for the benefit of all our members.

            We will strive to promote fiscal and social responsibility through our programs, our services, and the education of our members.

MEMBERSHIP

           Start reaping the benefits of membership today with a simple deposit of $5.00 in a savings account.  From there you will be able to take on any of the great services we offer including loans, cd's, discounted movie tickets and more! 

           Your extended family members are always welcome to join, as I am sure you will want to pass these wonderful benefits on.  Simply stop in to the credit union or give us a call and one of our member service representatives will be happy to get you started down the road to greater financial success!