Board of Directors
Field of Membership
Beware of phishing Scams! Phishing is an attempt by criminals to get unsuspecting victims to divulge personal and confidential information under the guise of a legitimate request. Modern phishing scams tend to use email, however phishing can also be attempted by telephone, regular mail and in person.
Beverly Municipal Federal Credit Union and any affiliates will never ask you to verify your personal or account information via unsolicited email or telephone calls. Always be aware and extremely cautious when providing any confidential information!
Philosophy and Structure
Credit unions are democratically owned and controlled institutions based on 'people helping people' principles. Credit union boards of directors are elected by members; each member has an equal vote, regardless of how much he or she has on deposit.
Only members may serve as directors, and directors serve without compensation. Credit unions have no outside stockholders, so after reserves are set aside, earnings are returned to members in the form of higher dividends on savings, lower loan rates and lower cost services.
Credit Union History
Safety and Soundness
Credit unions primarily engage in consumer loans and residential real estate lending to their members. Credit union performance is at a historically high level. Currently, credit union capital nationwide is 10.28% and the equity ratio of the federal insurance fund, the National Credit Union Share Insurance Fund (NCUSIF), has operated above 1.25% for 11 consecutive years.
Regulation and Supervision
Beverly Municipal Federal Credit Union was chartered under federal law. Federally chartered credit unions are regulated by the National Credit Union Administration (NCUA), an independent agency of the U.S. Government. NCUA's three board members are nominated by the President and confirmed by the Senate.
State chartered credit unions are regulated by their state credit union department. NCUA administers the federal insurance fund, NCUSIF, which covers all federal credit unions, and most state chartered credit unions. No taxpayer money is used for regulating and overseeing federal credit unions, as all activities of NCUA and the NCUSIF are funded by credit unions.
Credit Union Mission
The mission of a credit union is to provide and promote the use of a variety of financial services which feature particular benefits and advantages over those generally available from other banking sources, with specific intent of helping members gain some particular measure of personal financial success.
Benefits of Membership
Founded on the basic democratic premise of the cooperative movement, credit unions believe that access to low-cost financial services is critical to the health and stability of ordinary citizens. In fact, nearly 80 million Americans trust that their credit union will provide the services to improve their financial well being.
Credit union membership offers many benefits. Services offered range from simple savings to home equity loans to IRAs. Study after study has revealed that on average, credit unions provide the best financial offerings with fewer fees, lower rates on loans and higher rates on savings.
And credit unions continually score higher than all other financial institutions in consumer satisfaction surveys. Credit unions strive to deliver the best possible service to their most important asset -- their members.