Once a Member, Always a Member
The Kinzua Federal Credit Union is a non-profit financial organization that offers a full line of services to meet the needs of its members. We strive to provide members with excellent customer service and competitive rates. Membership in the Kinzua Federal credit Union is open to past employees or current employees and members of their family of:
- Berenfield Containers
- Bingaman and Son Lumber
- Bower’s Sport Shop, Youngsville
- Brenda Gibson, Notary Service, Warren
- Budget Lodge-Clarendon
- Charles S Myers, D.M.D
- Ellwood National Forge
- Elwood National Crankshaft
- Hyma Devore Lumber
- Marti Heating and Plumbing
- McKissock Data Systems
- National Forge Company
- PAPCO Inc
- Rightway Enterprises
- Struthers Industries
- Warren Overhead Door
- Warren Steel
- Wilcox Brothers Building
- Services & Supply LLC
Our policy of “Once a member always a member.” Means you may continue your membership regardless of your employment status. Decisions are made by a board of directors that is elected by our members. Our goal is to help each member attain a strong and secure financial future.
If you do not see your company on the list and you are a business owner please reach out to us and we will explain how to become part of our growing credit union.
What is the Difference Between a Credit Union and a Bank?
|When you open a savings acount at Credit union, you become a member. Each member is an owner of the CU.||When you hold an account at the bank you are a customer. You have no ownership.|
|Members own the credit union. When You deposit your money, you are actually buying shares of the company. That is why Your membership account is called a Shares Account.||Bank are owned by investors who may or may not be customers of the bank.|
|Since credit union members are owners, each member has an equal vote in electing the board members, no matter how much money they have on deposit or in the credit Union.||Banks are owned and controlled by stockholders whose number of votes depends upon number of shares owned. Customers do not have rights.|
Board of Directors
|Unpaid volunteers elected by credit union members.||Paid directors elected by share Union members. Holders, who make decisions in the best interest of the stockholders, not the customers.|
|Credit unions are not-for-profit financial cooperatives that exist to serve their members rather than to maximize corporate profits.||Banks are for profit-oriented organizations and exist to earn a profit for stockholders.|
Where do Earnings go?
|Credit unions distribute earnings back to it’s members in the form of higher savings rates, lower loan rates and fees and enhanced products and services.||Banks declared earnings are paid to stockholders.|
|Credit union deposits are federally insured up to $250,000 by the NCUA.||Bank deposits are federally insured up to $250,000 by the FDIC.|