In 1933, coming out of the depression, postal employees had steady jobs but low income. Homes were selling for $2,900.00 in Goodyear Heights but few could put together a down payment. Consumer credit was almost non-existent. In January of 1933 the Akron postal employees formed The Akron Postal and Federal Employees Credit Union and it was chartered by the State of Ohio in March of 1933.
Shares were set at a par value of $5.00 payable by payroll deduction installments of $.25 or more. The credit union operated out of the Akron Post Office until 1968 when the present building on Voris Street was built. In 1974 the first branch was acquired in Alliance with the merger of ASF Credit Union.
In 1975 the credit union changed its name to Buckeye State Credit Union and has continued to help the members save and obtain consumer loans through payroll deduction and financial counseling. From 1989 through 1999 the credit union saw a lot of growth via the process of merging eight other credit unions into Buckeye State Credit Union. Services continued to grow with the conversion to a computer system able to handle multiple branches bringing the credit union into the 21st century.
Buckeye State Credit Union now has six locations around northeast Ohio to service our members and have more than tripled in size in the last 15 years. Buckeye State Credit Union continues to be a progressive credit union both in operations and the lending portfolio offerings. The credit union also continues to earn excellent ratings from its insurers and auditors and is a sound and well managed financial institution.
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PLEASE NOTE! When you click on a link that takes you to another site, you are leaving the credit union web site and anything you do on that site is not subject to the BSCU disclosures.
Buckeye State Credit Union is a member-owned, not-for-profit financial cooperative formed for the purpose of encouraging savings and making loans at competitively low interest rates. We will strive to provide the highest level of personal service in a courteous and professional manner and to treat all individuals fairly and with dignity.
We hold the safety and soundness of the credit union to be of high importance and pledge to safeguard the assets of the credit union for our members. We will place a high importance on consumer education and look for better ways to reach out to the under-served in our field of membership. We will communicate our services to our members in a meaningful way so that members, potential members, regulators, legislators, and the community at large will understand and appreciate the unique roll that credit unions play in their lives.
Buckeye State Credit Union pledges to preserve and protect the privacy and confidentiality of all member financial records and transactions and to provide members with complete and accurate information concerning their rights as savers and borrowers.
This statement of commitment to members is consistent with our credit union principles of “Not For Profit, Not For Charity, But For Service” and represents good business practices that ensure the financial strength of our credit union on behalf of our members.
What exactly is a Credit Union?
Imagine for a moment credit unions do not exist!
One day, as a large number of bank customers are being herded through the velvet ropes in a lobby, one of the fed-up customers shouts, “Hey, why don’t we just do this ourselves?” As other customers look up, drawn from their own worries over how much the bank fees will be this month, the customer continues, “I have an idea! Let’s take all of our savings and put it in a pot, and if anyone needs a loan they can borrow from the pot.
We’ll pay ourselves interest on our savings according to what we earn from those loans. And the money we don’t lend out we’ll invest in something safe. Together all of us can split the cost of hiring someone to oversee our money, along with the cost of an office. And hey, instead of having just a few limited rich people owning everything, we’ll all own it, and we’ll hold elections for anyone who has some money in the pot-it doesn’t matter how much, we’ll all be equal-and we’ll form a board of directors to run the fund. These people will have to give of their own time, so that won’t cost us anything, and we’ll know that since they’re volunteering they are doing it with everyone’s interests in mind. Whaddayasay?”
And with that the bank customer withdrew their money and set up shop on their own, making everyone an owner and paying themselves more interest on deposits and charging less on loans than banks because they didn’t have to make sure big profits would go to a select few. What have these bank customers done? They’ve formed a union amongst themselves to extend credit to one another-in other words, a credit union!
That’s exactly what your credit union is.
Why is my Credit Union so Different?
YOUR credit union differs from banks in some fundamental ways. Here are some other ways YOUR credit union is different, and why the credit union uses some of the strange terminology it does.
- Share Account: Your Savings Account at the credit union is really called a “Share Account.” That’s because you’re a “shareholder,” making you an owner in the credit union. Everyone who owns a share in the credit union is equal, regardless of how much money is in their savings account.
- Dividend: The interest paid on your savings account is called a “dividend,” because it’s really the money you have earned as a shareholder.
- Share Draft Account: Technically, your checking account is called a “Share Draft Account.” That’s because what you are really doing is writing a “draft” against your shares with the credit union.
- Volunteer Board of Directors: Most financial institutions have a board of directors. What makes your credit union different is that these board members, all of whom belong to the credit union, volunteer their time to serve. Which brings us to another critical credit union difference…
- Democracy: Those volunteer directors are elected by the membership of the credit union. Not only do you have the opportunity to vote for members of the board, but you may run for the board, as well. Credit unions are operated by the members, for the members.
- Not-for-profit: Sometimes you will hear your credit union mistakenly referred to as non-profit. Credit unions earn profits, but that money is returned to you in dividends, lower fees or no fees, and reduced loan rates. The difference is the credit union was organized to help members, not for the specific purpose of making money.
|- Reg E, click here||- Share Certificate, click here|
|- Internet Banking, click here||- Third Party Links, click here|
|- Privacy Statement, click here||- NMLS Registrants, click here|
|- Rate and Fee Schedule Terms, click here||- Rate and Fee Schedule, click here|
|- Member Identification Program Notice, click here
(as required by the USA Patriot Act)
|- Funds Availability Policy Disclosure, click here|
|- Children's Online Privacy Protection Act Disclosure, click here||- Valid forms of Identification to open an account, click here|
|All Disclosures & Policies can be viewed with Adobe Reader. If you do not have Adobe Reader, it is a free download at www.adobe.com. PLEASE NOTE! When you click on a link that takes you to another site, you are leaving the credit union web site and anything you do on that site is not subject to the BSCU disclosures|
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