Northen Chautauqua Federal Credit Union - Silver Creek, NY

Northen Chautauqua Federal Credit Union
232 Central Ave.
Silver Creek, NY 14136
Phone: 934-3111
Fax: 934-3685

In the spring of 1969 a group of teachers from Forestville and Silver Creek met with the intention of starting a Credit Union. Most people at this time had no idea what a Credit Union even was. Many people today still associate it with a labor organization. In actuality Credit Unions are savings and loan organization which are totally dependent on the deposits made by the members for their cash, and dependent on the interest which the members then pay on the loans that they receive from the Credit Union. The paper work was completed in the fall of 1969, approval from the National Credit Union Association (NCUA is to Credit Unions what the FDIC is to banks) was received in November of 1969 and operation began in January of 1970. As soon as adequate funds were deposited, loan applications were processed. At the end of the first year we had 103 members, $6900 in deposits and had made 28 loans which totaled $5110 (loan limit of 200). After 35 years we have 3.3 Million in deposits, over $350,000 in reserves and have made over 4800 loans which total over $20 million, with a membership of 760.

Why Join the Credit Union

Ok you ask, why should I join the Credit Union? What do they have to offer? First of all, understand that we are not a Credit Union that has become a bank. We are closer to a family run savings and loan association

We do not have checking accounts or debit and credit cards
We do have friendly people
Check delivery to your school
Higher then average interest rates on savings
Competitive rates on loans

Whether you have a savings account(s), a loan(s) or both, one option you do have while you are employed is, payroll deduction. Worried about summer payments? We have solutions for that. Want to set money aside for the summer (remember teachers donâ€™t get paid in the summer, and that big June check disappears in a hurry)? We have a solution for that. Need to set up a special account for taxes, vacations, mad money or whatever? We can do it.