When you join Remington Federal Credit Union you become a member of a cooperative community network of “people helping people.” RFCU is guided by a Board of Directors composed entirely of volunteer members and a Supervisory Committee elected by the membership. These non-paid volunteers set RFCU policy while a professional Management team oversees the day-to-day operation of the credit union. As a member you are welcome to take your membership to the next level and volunteer to serve.
Our executive team is responsible for the daily operation of the credit union. The President/CEO is hired by the Board of Directors to manage operations and build the executive team.
The Credit Union Difference
The credit union difference is all about making a difference. Skeptical? Good. It’s always better to rely on the facts so here are a few to get you thinking. Last year credit union members nationwide collectively saved a staggering $6.3 billion (no, that’s not a typo) by choosing to become a member of their local credit union instead of a customer of one of those big national banks. How do credit unions create that kind of savings? RFCU is like every other credit union—we exist to help our members, not to make a profit. That’s right, we are a not-for-profit financial cooperative. Unlike big banks which typically have shareholders who divide up the earnings. Rarely do those earnings have any significant benefits for the bank’s customers. RFCU returns its earnings to our members in the form of better rates and lower fees that save you money.
In case you aren’t convinced, here are a few more facts. RFCU offers a wealth of convenience with a centrally located branch in the Ilion, New York. Our members have access to our local and national ATM network through the CO-OP system. RFCU offers online banking and bill pay as well as mobile deposit capture and a mobile banking app so you can take care of business on the go. If it sounds like everything you need to manage your financial life, then RFCU is the place to go to and stay.
All of those facts create a compelling case for switching to RFCU. But if they were all you considered you would miss the key difference that we are most proud of and our members truly appreciate. What is it? It’s our people. It starts with our branch employees who go out of their way to get to know you personally so they can serve you better. And it extends all the way to our volunteer, member-run board who keep RFCU focused on delivering the kind of service you simply won’t get at a large national bank. Big banks are proud of their earnings and profit margins. We don’t need to worry about those things. We take pride in helping you realize your financial goals. Like our wonderful local community, it’s the people who truly make the difference at RFCU.
As a not-for-profit that is cooperatively owned by our members, the entire credit union benefits when our members engage and participate in their ownership. That’s why we invite our members to attend our annual meeting each year. It’s an opportunity for you to meet our management and your elected board and other volunteers as well as many of the other employees who serve the membership. It’s also an occasion that we use to report on the performance of our mutually owned credit union and look ahead to the future.
Why Do Credit Unions have Annual Meetings?
When you opened your deposit relationship with your credit union, you became an owner because your deposit represents a share of ownership (much like a share of a corporation or stock purchase). At the annual meeting, the members elect a volunteer Board of Directors whose responsibility is to oversee the credit union and serve the membership with decisions that are based upon what will best benefit the credit union’s near- and long-term direction while ensuring it is in the best interest of the membership at large.
If you are interested in serving as a volunteer, we encourage you to review the qualifications and contact us with any questions you may have.
Getting More Involved in your Cooperative
Knowing that you are an owner, whether you have an interest in running for the Board of Directors or not, you may want to see about becoming more involved. Unlike business that’s conducted at a bank, many newer (and often long-time) members are surprised to learn that, when they are part of a credit union, their voice is heard and their opinions really do count.
A credit union’s annual meeting provides a wonderful forum for members to obtain specific financial information about their credit union’s performance from the prior year and learn more about the strategy and efforts that will be followed for the current year.
All members are invited and encouraged to attend the annual meeting, since the information that’s shared impacts the dividends that are paid, the rates that are received, the products that solve life needs, the fees that are sometimes applicable and the reasons that those fees exist, not to mention the investments in technology, branches, ATMs and more.
With all that said, remember that the credit union exists to serve the ever-growing needs of the people who do business with the credit union. They are members and owners who experience more benefit from stronger and deeper relationships. The people who work for the credit union, while they are members first, are genuinely interested in serving other members to help improve the lives of other fellow owners. As the old credit union mantra goes, they are “people helping people.”
Remington Federal Credit Union was chartered in 1933. It is a not for profit financial institution owned and controlled by its members and is operated for your benefit through a Board of Directors elected by the membership. The Board of Directors is the policy making and governing body of the Credit Union.
Supervisory Committee Mailing Address: P.O. Box 663 Ilion, NY 13357
|Tracey Davenport, Manager
Heather Irons, Assistant Manager
Cliff Lane, Chairman
|Board of Directors
David Brewer, Chairman
James Conover, Secretary
Choudari Vallabhaneni, Treasurer
Gary Smith, Board Member
Verna Hyer, Vice Chair