We’ve Been Serving You Since 1943.
More than 80 years ago, employees of the Bessemer and Lake Erie Railroad started a credit union as a democratic, not-for-profit alternative to traditional banks. A lot has changed in 80 years. Although our roots began with the railroad, our future is in serving our entire community. In railroad terms, a switch is used to change the direction of a train. Switch Federal Credit Union is here to help members change the track they are on to one that creates a brighter financial future. Our focus is on providing affordable banking services to working-class people. We are owned and governed by our members rather than by outside shareholders, which ensures that any profits are returned to our owners in the form of lower fees, better loan rates, and higher earnings on deposits.
Why Choose Switch FCU?
If you’re looking for a better way to bank, look no further. We’re ready to serve you, your family, and your friends. While we’ve grown in size as well as the scope of products we offer, we still pride ourselves on providing a personal level of service uncommon today. As a not-for-profit financial institution owned by our members, earnings go back to you in the form of lower fees, better rates, and service that puts you first. From our newly remodeled building to our friendly staff and complimentary coffee and snack bar, our member/owners can feel at home here. If you have a connection to our community, you can experience cooperative banking at its finest with Switch Federal Credit Union.
Need More Reasons to Switch?
We have a full line of financial services that can help no matter your age or stage in life. Whether you’re shopping for a car, remodeling your home, hoping to retire, or thinking about estate planning, we’re here to support you and your lifetime goals.
Free for Members
Debit card, ACH, or check overdraft coverage
Checkbook covers and registers
Wire transfers
Coin machine
Notary service
Popcorn Fridays
Coffee & Snacks
FAQs
Who Owns a Credit Union?
Most financial institutions are controlled by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn't operate in that manner. Rather, each credit union member owns one "share" of the organization. The user of credit union services is also an owner and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
How Did Credit Unions Start?
The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, more than 43% of Americans are credit union members.
What is the Purpose of a Credit Union?
The primary purpose of credit unions is to provide cost-effective services to help members to save money. Another purpose is to offer loans to members that may not qualify elsewhere. In fact, credit unions have historically made most of their loans to people of ordinary means. Credit unions can charge lower loan rates (and pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.
Are Savings Deposits Insured?
Yes. All Savings Accounts are insured up to $250,000 by the NCUA (the National Credit Union Administration), an agency of the federal government.
Who Can Join a Credit Union?
A credit union exists to serve a specific group of people, such as a group of employees or members of a professional or religious group. This is called a "field of membership." The field of membership may include where they live, where they work, or their membership in a social or economic group.
What is the Difference Between a Credit Union and a Bank?
Credit unions are not-for-profit organizations whose mission is to help members achieve financial independence. They are owned by the members who have money on deposit with the credit union. Banks, of course, are owned by investors who are seeking a profit.
While banks offer many of the same services as credit unions, their mission is to earn a return on their stockholders’ investment in them.
Another important difference is that credit unions are controlled by their members through the election of a board of directors. In a bank, only the stockholders have a voice in the election of the board of directors. Bank customers have no voice in the leadership of their institution. The directors of credit unions are members, and they serve as volunteers. In fact, it is illegal for them to receive compensation for their work as a director. This means they make decisions based upon the membership’s best interests, not just the interests of a few stockholders
Because of these differences in philosophy and leadership, credit unions are able to offer services with lower fees and better rates than banks. This may explain why year after year the banker’s own trade publication, American Banker, rates credit unions highest in customer satisfaction
How is our Credit Union Preparing for the Financial Marketplace of the Future?
We are committed to partnering with top providers to bring quality financial services to our members. Foremost in our consideration is security. Services are added as they become secure, dependable, and affordable. One thing members may always be assured of is that the human touch will never leave the credit union. We will never become too big or sophisticated that our members can not talk to a real person when they have a concern.