What is GenFed?  What is a Credit Union?

GenFed Federal Credit Union is a financial institution that is owned by the account holders. That means account holders get what they want – the best products, services, rates, fee schedules, quality of service and the most convenient way to access their money and account information.

Credit Unions began to prosper in the United States right after World War I when people could begin to afford consumer products such as cars, radios and washing machines. However, most people couldn’t afford to buy these items outright with cash. They needed to save or to borrow the money first.

At that time, banks and savings and loans were not interested in helping small savers and borrowers. The first credit union was started as a group of people who worked together and discussed their feelings of being gouged by high bank fees, high loan rates, and low interest rates on savings.

They decided they would pool their savings and lend it to fellow employees who needed to borrow. They would charge reasonable rates for loans and invest their money in places where they could earn higher returns than they could with their individual savings accounts. 

Check out benefits members receive at different ownership levels!

Co-Op Advantage Brochure