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In 1954, exhausted by the lack of services
and attention received by the local banks, a small group of
educators from Bethlehem, Guilderland, North and South Colonie
schools came together to organize the First Supervisory District
Federal Credit Union. The idea was to have a financial institution
that would provide the services and rates that were best for
them.
In its humble beginning the credit union operated from the
Treasurer's kitchen. Services included loans and savings accounts
up to $2,000. Many of those who worked so hard for the credit
union then are still part of it today.
Over the fifty years the credit union has undergone many
changes. Our name became School Systems FCU, we merged with
Sandkill FCU, moved and added locations, many new services
and faces. Our credit union now serves over forty schools
and groups with over 7,500 members. Through all the growth
and transformation we still hold on to the ideals and reasons
why we were formed, "not-for-profit, not-for-charity,
but-for-service".
Definition of a Credit Union
A credit union is a group of people who are linked by a common
bond, pool savings and lend their money to each other at low
interest rates. Each member is considered a part-owner of
the credit union, and as such is entitled to one vote. At
the annual meeting, each member may cast his or her vote toward
the election of a volunteer Board of Directors who serve with
the membership's best interests in mind.
Our Unique Financial Family
School Systems FCU is a unique, not-for-profit, member-owned
financial institution. Unlike other financial institutions
that are strictly profit-driven, we return excess earnings
to our members in the form of personal and friendly service,
lower interest rates on loans, higher yields on savings and
investment accounts, and improved products and services.
You Are a Member Not Just a Customer
Unlike other financial institutions where you are just another
number, at School Systems FCU we value your decision to conduct
your financial business with our institution. We look to build
lasting relationships with our members who count on us to
meet their financial needs through customized products and
services.
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