Affinity One Federal Credit Union
545 East Second Street
Jamestown, New York 14701
Main Office: (716) 483-2798 or fax 483-6136 or Info@affinityonefcu.org
Lakewood Branch: 483-2265 or fax 483-2266 or Info@affinityonefcu.org
HOURS OF OPERATION
Mon-Wed: 8:30 AM - 4:00 PM
Thurs-Fri: 8:30 AM - 5:30 PM
Sat: 9:00 AM - Noon
Better Banking…Your Credit Union Can Do That!
At a time when banks are making record profits and consumers are paying higher fees, many people are searching for a bank that will help them save money as well have easier access to money.
At first glance, there may not seem to be much difference between credit unions and banks, although many people believe the only way to join a credit union is through an employer, which is not the case. Both banks and credit unions offer similar products and services. However, there are some crucial differences that set the two apart.
A key difference is that a credit union is a not-for-profit financial institution that is owned by its members (customers are actually “members” of the credit union). Since they operate as a not-for-profit institution, they can offer higher rates on savings and lower rates on loan products.
Credit unions are member focused. The credit union is a cooperative, which means that it is owned and operated by its members. Contrary to banks, who are owned by stockholders and are profit driven. The initial deposit into a member account gives you part ownership in the credit union and a say in the credit union decisions.
The credit unions strategic direction and policies are carefully managed by a board of directors who are elected by the membership and serve as unpaid volunteers. Election to the board is open to any member in good standing that would like to run. Today, people just like you and I are serving on credit union boards.
Member deposits are insured to at least, $250,000.00 by the U.S. Government. Just as the banking industry is monitored by the FDIC (Federal Deposit Insurance Corporation), the credit union industry is monitored by the NCUA (National Credit Union Administration). The NCUA are regulators of credit unions and guarantees deposits in credit unions. Every year credit unions undergo audits by the NCUA to make sure they are following all of the regulations and guidelines set forth by the federal government.
Because credit unions have a member focused philosophy, they are more willing to work with you even if a member has a troubled financial past. Since big banks process thousands of loan applications per month, they streamline the process by setting requirements on income, credit scores, and deposits. If you don’t meet these requirements, you are simply declined by some unknown person in a centralized underwriting area. Credit unions have professional loan officers, making and communicating loan decisions face to face.
As so many people know, selecting a financial institution is one of the most important decisions you’ll ever make. Consumers across America are looking closely and joining credit unions. If you are concerned about your financial institution, now is the time to break free.
Melinda J. Best is Chief Executive Officer of
Affinity One Federal Credit Union
Mortgage Rates Drop
The MBA's loan application survey covers over 50% of all U.S. residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a snapshot view of consumer demand for mortgage loans. In a falling mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out lower monthly payments.
Call or stop by your Affinity One office to talk to a specialist today
Why pay monthly fees on your share draft (checking) account? At Affinity One FCU, you don’t have to worry about monthly fees! Members also enjoy the benefits of our VISA Check Card. It’s a check card and ATM Card all rolled into one. It can be used wherever VISA is accepted. Funds are taken directly from your share draft account when you use your card for purchases. It’s easy and convenient!
Term Share Certificates are a safe and simple way to save. Whether you have short or long-term savings goals, you may want to consider the benefit of opening a Term Share Certificate with us. The low minimum deposit ($1000) makes it an affordable way to invest and the fixed rate is guaranteed no matter what happens to the market. It's federally insured, too! Flexible maturity options from 6 to 60 months with transferred or compounded interest and automatic transfer to primary shares at maturity makes this a win for you! Withdrawal restrictions apply, and a minimum balance of $1000.00 is required.
Please contact the credit union at 716-483-2798 for the most up-to- date rates.
Money Market Accounts offer the advantage of earning a higher rate*** of return than a regular share account. They offer higher yields** without locking up your money and you'll watch your money grow as the dividends are compounded monthly. A minimum balance of $1000 is required to avoid service fees and you're allowed a maximum of 6 withdrawals per month. The rates are tiered based on account balance, and your investment is risk-free because it's federally insured!
Please contact the credit union at 716-483-2798 for the most up-to-date rates. Rates are accurate as of January18, 2011and are subject to change at any time. **APY = Annual Percentage Yield. All share certificate dividends are compounded monthly and credited monthly. Account subject to penalty for early withdrawal. Fees can reduce the earnings on the account.
If you (or a member of your family) live, work, worship or go to school in our service area, you can become a member. It's that simple.