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Mission Statement |
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The Big Spring Education Employees Federal Credit Union was
organized in 1955 to provide its members with a safe,
convenient place to save. and a source of low-cost credit
when needed. Improving current services and providing
new ones for our members is our goal. Our ability to
provide these expanded services requires that each of us
perform our duties cheerfully, faithfully and
conscientiously. The Board of Directors, management
and our members (who are actually our employers) expect it.
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History |
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The credit union idea was born more than a century ago in
the heart of Frederick William Raiffeisen, mayor of a small
town in Germany. The atmosphere of its birth was
famine among farmers. Debt of epidemic proportions and
unscrupulous money lenders were taking all that the farmers
owned. Deeply troubled by the suffering of his people,
Raiffeisen appealed to wealthy citizens for aid, but their
help was inadequate. This was the time for the dawn of
a new idea and it came to Raiffeisen in these troubled times
- an idea that people could surmount this common problem of
poverty by pooling their own meager savings and lending them
to each other at a low rate of interest. This was the
credit union idea. |
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Definition of a credit union |
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A credit union is a
cooperative financial
institution, owned and controlled
by the members who use its services. Credit unions serve
groups that share a common bond, such as where they work,
live or go to church. Credit unions are also
not-for-profit and exist to
provide a safe, convenient place for members to save money
and to get loans and other financial services at reasonable
rates.In credit unions, the
members are the owners.
Benefits of ownership include better rates on deposits and
loans and better service. Regardless of their size or field
of membership, credit unions are different than for-profit
financial institutions. Credit unions exist to serve their
members. Banks and other financial institutions exist to
make money for their stockholders.
From World Council
of Credit Unions |
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