Frequently Asked Questions

What is a Credit Union?

First of all, it's a cooperative, a group of people who've joined together to help one another — in this case by pooling their money to create their own organization for savings and borrowing money. It's a pure cooperative. Each member has one vote at a meeting of members regardless of how much or how little he or she has invested in the credit union.



Members share a common bond...and ownership!

By law, membership in a credit union is limited to those who share a common bond of occupation, association or residence. We are a federally chartered credit union. What banks call deposits are considered shared by credit unions. And they are shares — shares of ownership.



Structure and Organization

Hartford Firefighters' Federal Credit Union is a non-profit organization owned and administered by our members. We are supervised by an agency of the United States Government known as the Nation Credit Union Administration (NCUA). Each member's share account is insured by the NCUA against loss up to $250,000. As a member, you elect a board of directors who is responsible for the overall operation of the credit union. A Supervisory Committee is also appointed by the Board to see that the policies and procedures set by the Board of Directors are being adhered to. Among themselves, the board elects a President, one or more Vice- Presidents, a Treasurer and a Secretary.