Why credit unions?
An idea originated in Europe around 1844 which allowed people to pool their money an make loans to one another. The idea included three guiding principles: (1) Only credit union members could borrow money, (2) loans were made for prudent and productive purposes, and (3) repayment of loans was based on a person's character. These principles still govern most credit unions world-wide.
This concept came to North America around 1900 for similar reasons - people were poor and with consumer interest rates sky-high, they needed an affordable way to borrow money. Credit unions were the answer. A credit union is a cooperative which is a very unique type of business. Like all cooperatives, credit unions have certain core characteristics:
- We're owned by our members.
- We operate democratically.
- We're not-for-profit, we don't make money for anyone but our members.
- We support social and community programs to improve the quality of life for everyone.
Therefore, a credit union is a not-for-profit, financial cooperative. Its member-patrons are its owners. In other words, there are no stockholders-only member-owners who equally share in the profits, (dividends on share deposits) of the credit union. Cooperative ownership allows the membership to be governed from within. A board of directors is elected from the general membership. Every member has one vote-regardless of the amount of money they have on deposit. The board of directors serve one, two or three year terms without compensation. Any member of the credit union in good standing may run for a board seat. The board sets policy and direction for the credit union. In other words, its members democratically control the credit union. The next time you see your credit union open a new branch or add a new product or service, you will know that your board is at work improving services for you, the member-owner.
The main goal of a cooperative is to make service and benefits to members its highest priority. We place a strong emphasis on people. Our philosophy is that people come first and this is reflected in the credit union motto, "People Helping People." Additionally, credit unions strongly value member involvement. We feel that it is important for you to have a voice in the way your credit union is managed - that's why every share holder, regardless of their deposit balance, has the opportunity to vote for their Credit Union's Board of Directors.
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Who are we?
Our Credit Union was chartered in 1955 under the name of Huachuca Federal Credit Union with a federal charter to serve the soldiers and government employees of Fort Huachuca. Since then, the Credit Union grew with its membership by amending its charter to include military retirees living in the Sierra Vista area, civil service employees and private contractors working on post. The Credit Union also had one merger in its history. In the early 90s, Huachuca Federal Credit Union merged with Border Federal Credit Union in Douglas, Arizona. Later, the charter was amended again to include city, county, state and federal employees in Cochise County. Another significant change came in March 2000 when the National Credit Union Administration approved an amendment to serve all those who live in, work in, worship in, and attend school in Cochise County.
On April 5, 2007, our Credit Union went through an extensive conversion process changing from a federal to a state charter. This also brought about our recent name change—American Southwest Credit Union. Now, Fort Huachuca and all of the residents of Cochise, Santa Cruz and southeastern Pima County can reap the benefits of credit union membership.
Dual chartering is allowed in the credit union movement. A credit union can either be state or federally chartered. American Southwest Credit Union is state chartered and therefore, is regulated by state law. The National Credit Union Administration is an agency insuring deposits for American Southwest Credit Union. Similar to the FDIC for the banks, American Southwest Credit Union has depository insurance of $100,000 up to $250,000 per account provided by the National Credit Union Share Insurance Fund. This means that your deposits are insured and backed by the good faith and credit of the United States Government. Strict regulations from the NCUA require that we hold to the highest standards for safety and soundness to protect our members' deposits. You can rest assured that your money is safe at American Southwest Credit Union.
Whether you're looking to refinance your home, purchase a new auto, open a checking account or transfer an IRA, we are prepared and ready to assist you. Give us a call today if you have questions regarding any of our services of if you want additional information about the benefits of ownership in American Southwest Credit Union.
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Mission Statement
To provide high quality financial services in the cooperative spirit of the Credit Union philosophy.
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