Bank-Fund Staff Federal Credit Union (2024)

FAQs

What is the Bank Fund Staff Federal Credit Union? ›

Bank-Fund Staff Federal Credit Union operates as a financial cooperative. The Union provides financial solutions such as loans, investment, savings, credit and debit cards, online banking, and other related services. Bank-Fund Staff Federal Credit Union serves communities in the United States.

Experts told us that credit unions do fail, like banks (which are also generally safe), but rarely. And deposits up to $250,000 at federally insured credit unions are guaranteed, just as they are at banks.

The first withdrawal or transfer is free of fee. Second and all subsequent withdrawals or transfers processed during the calendar month are $5.00 each. You must maintain a minimum daily balance of $10,000 to avoid incurring a low-balance fee at month-end.

This past year, despite the unprecedented interest- rate environment, BFSFCU was able to return to members $24.5 million in dividends, or 0.43% of total deposits, including a $3 million supplemental dividend, $1.2 million in Premier Checking Account dividends, and $20.3 million in regular dividends.

We are a Federal Credit Union, which means that your deposits are automatically insured by the National Credit Union Share Insurance Fund – up to at least $250,000 per individual depositor. No credit union member has ever lost even a single penny of insured savings at a federally insured credit union.

Like banks, which are federally insured by the FDIC, credit unions are insured by the NCUA, making them just as safe as banks. The National Credit Union Administration is a US government agency that regulates and supervises credit unions.

First, bankers believe it is unfair that credit unions are exempt from federal taxation while the taxes that banks pay represent a significant fraction of their earnings—33 percent last year. Second, bankers believe that credit unions have been allowed to expand far beyond their original purpose.

Generally, credit unions are viewed as safer than banks, although deposits at both types of financial institutions are usually insured at the same dollar amounts. The FDIC insures deposits at most banks, and the NCUA insures deposits at most credit unions.

There is no fee to send an External Transfer with standard delivery. Next-day delivery is available for an additional $3.00 fee.

A minimum balance fee is a fee that many banks charge when your account balance drops below a certain amount. For instance: If the minimum balance required in your checking account is $500, but you only have $400, you would be charged a minimum balance fee.

How are credit union dividends paid? ›

Distributions are generally remitted via electronic funds transfer (EFT), using the banking information the liquidating agent has on file.

It's important to remember most credit unions call the money it pays you for keeping your money on deposit at the credit union a dividend. It's important to remember that not all accounts pay dividends or interest. So shop around and compare the types of accounts that are available.

In general, credit unions provide higher dividend rates, since they are nonprofit institutions. So, the money they earn can be fed back into their members' accounts.

SFRUUS33 XXX BIC / SWIFT Code - BANK-FUNDS STAFF FEDERAL CREDIT UNION United States - Wise.

The main difference between the two is that banks are typically for-profit institutions while credit unions are not-for-profit and distribute their profits among their members.

The NCUA and FDIC are very similar; they provide government-backed deposit account insurance. While the NCUA applies to federally insured credit unions, the FDIC insures bank deposits.

Credit Unions Are Owned by the Members

Banks are typically for-profit entities owned by shareholders who expect to earn dividends. Credit unions, on the other hand, are not-for-profit, member-owned cooperatives that are committed to the financial success of the individuals, families, and communities they serve.