by Schools Plus
Schools Credit Union presently has over 115,000 members with over $1.2 billion in assets, currently ranking as one of the largest in the nation. Membership privileges are retained for life, regardless of members changing jobs or moving as long as they maintain their savings account with a minimum balance of $1.
Chartered in 1933 by seven teachers pooling their personal funds to create savings cooperative where low-cost loans was made available to members. Those depositing funds, in turn earned dividends from the interest which was generated from the loans. Schools Credit Union philosophy, “for service and not profit” as well as “people helping people” was established in the early years and is still maintained.
People opening a savings account at Schools Credit Union automatically become a member-owner, who owns one share of the Schools Credit Union. The board of directors are volunteers elected by members and policies gets established and upheld by the board. There are no outside investors or stockholders, thus they concentrate to serve and look out for the best interests of the member-owners.
Striving to provide an economic advantage while offering great services and products which meet members needs as quality member service continuous to be the number one priority. Schools credit union offers direct financial support and contributions to charities and worthwhile organizations, always active in the community. Strengthening community ties enables them reach a broad spectrum of people and providing a service to individuals in need of financial services that are truly affordable.
Schools Credit Union have implemented special disaster relief loans to members that became victims of disasters at extraordinary low rates. With the Government not paying normal pay to employees, they have implemented loans for government employees which are members in the form of no-interest loans in order to bridge the government impasse. Scholarships are provided by the Schools credit union to deserving college students to various colleges and universities.
Among other great services within the community and to their members, Schools Credit Union also allows members with infants to return to the workplace with the children until they are six months old. They strive to spread the word of their affordable services contributing and participating in various community events. They walk and raise money for the American Cancer Society with their volunteers, further promoting themselves and the financial services they provide.
Individuals in Sacramento as well as the nine surrounding counties are allowed to become members of Schools Credit Union as well as people related to existing members and Educational groups in those counties.