BECOME A MEMBER

Apply for a loan

Serving employees and retirees of Maumee City Schools

created by educators

 

In 1963, a group of educators  pooled their money to provide loans to each other at fair rates. The credit union has grown, but our purpose remains the same.

About Us

 

Our name says it all. Maumee Educators Federal Credit Union exists to serve employees and retirees of the Maumee City Board of Education with loans, savings and related financial services. Families of employees and retirees are also eligible to join the credit union.

 

A group of educators founded the credit union in 1963 to serve their co-workers with savings and loans at fair rates. Today, we continue with this same purpose.

 

Want more information? Read our Frequently Asked Questions.

 

View our Privacy Policy

 

 

How to join

 

To become a member, you just need to meet the above eligibility requirements and open a savings account with a minimum deposit of $5.00 at our office. Per federal guidelines, a valid driver's license, a state issued I.D. card or a military I.D. card is required at when you open your account. Print a Membership Application.

 

Need to make a change or update your account information? Print an Account Change Form.

 

 

Governance

 

The credit union is governed by a Board of Directors, elected by the membership.

 

View our Board and Committee members.

 

 

What is a credit union?

 

Maumee Educators is a credit union. Credit unions are not-for-profit financial organizations that exist to serve their members rather than to maximize profits for shareholders. Because our members ARE our shareholders.

 

Like banks, credit unions accept deposits and make loans. But unlike banks, credit unions are owned by their members and return surplus income to their members in the form of dividends.

 

Credit unions typically offer lower rates on loans and higher returns on savings than for-profit banks. And because we literally exist to serve our members, we are recognized annually in national polls for providing better service than banks and other corporate providers.

 

 

Deposits are insured up to $250,000

 

All deposits are insured up to $250,000 per account by the National Credit Union Administration (NCUA), an agency of the federal government. The National Credit Union Administration (NCUA) is the independent agency that administers the National Credit Union Share Insurance Fund (NCUSIF). Like the FDIC's Deposit Insurance Fund, the NCUSIF is a federal insurance fund backed by the full faith and credit of the United States government.

 

Calculate your total deposit insurance with NCUA's Online Share Insurance Calculator.

 

The differences between a bank and your credit union

 

Not-for-profit

Credit unions are not-for-profit financial cooperatives. We exist to serve our members, not to make a profit. Unlike most other financial institutions, credit unions do not issue stock or pay dividends to outside stockholders. Instead, earnings are returned to our members in the form of lower loan rates, higher interest on deposits, and lower fees.

 

Taxation

Credit unions do pay taxes - payroll taxes, sales taxes, and property taxes. Congress exempts credit unions from federal income taxes. The exemption was established in 1937, affirmed by statute in 1951, and re-affirmed in 1998 in H.R. 1151, the Credit Union Membership Access Act, which states:

 

Credit unions, unlike many other participants in the financial services market, are exempt from Federal and most State taxes because credit unions are member-owned, democratically operated, not-for- profit organizations generally managed by volunteer boards of directors and because they have the specified mission of meeting the credit and savings needs of consumers, especially persons of modest means."

 

Ownership

Credit unions are economic democracies. Each credit union member has equal ownership and one vote -- regardless of how much money a member has on deposit. At a credit union, every customer is both a member and an owner.

 

Volunteer Boards

Each credit union is governed by a board of directors, elected by and from the credit union's membership. Board members serve voluntarily. View our Board Members.

 

Membership Eligibility

By current federal statute, credit unions cannot serve the general public. People qualify for a credit union membership through their employer, organizational affiliations like churches or social groups, or a community-chartered credit union.

 

Financial Education for Members

Credit unions assist members to become better- educated consumers of financial services. Additionally, CUNA is partnering with the National Endowment for Financial Education, a not-for-profit foundation, to expand financial education among high school students. A national study shows that just ten hours of personal finance education can positively affect students' spending and savings habits for a lifetime.

 

Social Purpose: People Helping People.

Credit unions exist to help people, not make a profit. Our goal is to serve all of our members well, including those of modest means - every member counts. Our members are loyal for this reason. They know their credit union will be there for them in bad times, as well as good.

 

Want more information? Read our Frequently Asked Questions.

 

 

 

 

© Copyright 2017 Maumee Educators Federal Credit Union, 950 Cass Road, Maumee, OH 43537

This site may be utilized for authorized purposes only. Unauthorized access or use is not permitted and constitutes a crime punishable by law.                           PRIVACY POLICY