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About Credit Unions
About Credit Unions
The Credit Union is a not-for-profit, self-help organization that is run by members who volunteer their time as directors and committee members to help the economic well being of members. The Credit Union's earnings are exempt from income tax because it is a not-for-profit organization. All profits, after setting aside a proper amount for reserves, go back to the membership in the form of dividends, lower interest rates on loans, or improved services.
Credit Unions are safe because they carry insurance on all savings and IRAs to $250,000. The insurance is provided by an agency of the Federal Government, the NCUA (National Credit Union Administration). All employees are bonded, and the records of the Credit Union are examined by a Supervisory Committee as well as by a Federal Examiner at least once a year.
The Spencerport Federal Credit Union was started in 1962 by a small group of members, and it has grown each year, continually improving its services, through the dedication and volunteer work of many of its members. It is now a part of a nationwide Credit Union movement whose policies are set by elected, unpaid men and women. We encourage you to take advantage of all your privileges and responsibilities as a member.
The Board of Directors is elected by the members at the Credit Union's Annual Meeting. At this meeting each member present, aged 18 years or older is entitled to one vote regardless of the amount of shares deposited. The board is the governing body, setting policy and coordinating the overall operation of your Credit Union.
Each year the membership is informed of the status of the Credit Union at the annual meeting. Your vote on leaders and policy at this meeting is important in helping your board members determine direction. You are also eligible to become more actively involved and run for any office.
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We strive to be your financial partner of choice.
Since its founding in 1962, Spencerport Federal Credit Union has provided quality products and services in a professional manner to its many members.
Effective September 18th, 2017, Spencerport Federal Credit Union’s Community Charter was expanded. The following people may be eligible to join the credit union:
Household member is defined as: Persons living in the same residence maintaining a single economic unit. Any person who is a member of and participates in the maintenance of the household. (Includes sharing an apartment or house, domestic partners, or anyone living in the household with a demonstrated degree of permanency) Note: Residing in the same fraternity or sorority house, condominium complex, dorm, apartment building, or town home community would NOT be considered a single economic unit.
- Those who live, work, worship, or attend school in Monroe or Orleans Counties, NY
- Those who actively volunteer within communities in Monroe or Orleans Counties, NY
- Immediate family members of current Spencerport Federal Credit Union members. (Spouse, child, parent, grandparent, grandchild, sibling, step-parent, step-child, step-sibling).
- Household members of current Spencerport Federal Credit Union members. (See definition below)
- The spouse of someone who died while part of the Spencerport Federal Credit Union field of membership
All new memberships are subject to verification through e-funds/Chex Systems.
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The Supervisory Committee is a group of volunteers appointed by the Board of Directors. This committee is responsible for protecting members' funds and interests while ensuring the effectiveness of the internal control structure within the credit union. Volunteers typically serve a 3 year term. The Committee also oversees the internal audit function and engages an independent auditor to do an annual audit/examination of the credit union. If after reporting a problem or concern to a credit union staff member, a member still has an unresolved question or concern about their account, they may contact the Supervisory Committee via one of the following means:
Spencerport Federal Credit Union
PO Box 53
Spencerport, NY 14559
Or by phone at:
Thomas Michielsen, Chairperson 585-455-1559
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