affinityonefcu.org
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Home About Membership Our Staff & Board Member Services Consumer Loans Home Mortgages Member Accounts Customer Service LOGIN WEB BANKING Visit Us Affinity One Federal Credit Union 545 East Second Street Jamestown, New York 14701 (716) 483-2798 HOURS OF OPERATION Mon-Wed: 8:30 AM - 4:00 PM Thurs-Fri: 8:30 AM - 5:30 PM Sat: 9:00 AM - Noon Closed Presidents Day! OneUp Side - Info that saves you $$$$$$$. Better Banking…Your Credit Union Can Do That! At a time when banks are making record profits and consumers are paying higher fees, many people are searching for a bank that will help them save money as well have easier access to money. At first glance, there may not seem to be much difference between credit unions and banks, although many people believe the only way to join a credit union is through an employer, which is not the case. Both banks and credit unions offer similar products and services. However, there are some crucial differences that set the two apart. A key difference is that a credit union is a not-for-profit financial institution that is owned by its members (customers are actually “members” of the credit union). Since they operate as a not-for-profit institution, they can offer higher rates on savings and lower rates on loan products. Credit unions are member focused. The credit union is a cooperative, which means that it is owned and operated by its members. Contrary to banks, who are owned by stockholders and are profit driven. The initial deposit into a member account gives you part ownership in the credit union and a say in the credit union decisions. The credit unions strategic direction and policies are carefully managed by a board of directors who are elected by the membership and serve as unpaid volunteers. Election to the board is open to any member in good standing that would like to run. Today, people just like you and I are serving on credit union boards. Member deposits are insured to at least, $250,000.00 by the U.S. Government. Just as the banking industry is monitored by the FDIC (Federal Deposit Insurance Corporation), the credit union industry is monitored by the NCUA (National Credit Union Administration). The NCUA are regulators of credit unions and guarantees deposits in credit unions. Every year credit unions undergo audits by the NCUA to make sure they are following all of the regulations and guidelines set forth by the federal government. Because credit unions have a member focused philosophy, they are more willing to work with you even if a member has a troubled financial past. Since big banks process thousands of loan applications per month, they streamline the process by setting requirements on income, credit scores, and deposits. If you don’t meet these requirements, you are simply declined by some unknown person in a centralized underwriting area. Credit unions have professional loan officers, making and communicating loan decisions face to face. As so many pe
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