HOWARD UNIVERSITY EMPLOYEES FCU
That means that, unlike banks, credit unions are owned and controlled by their members—the people it serves—and returns its profits to them. As a member of a cooperative, you?re part of something special: a worldwide movement whose principles provide a financial alternative for 184 million members in 97 different nations.
Howard University Employees Federal Credit Union was chartered in Washington, DC on October 11, 1935, the same year that the Federal Credit Union Act became law. Thanks to the courage and foresight of eleven charter members, our credit union was formed with the common bond to serve employees of Howard University and members of their families. Their initial share deposits totaled a mere $525.00. Today Howard University Employees Federal Credit Union has nearly 3000 members and over $10 million in assets.
We are proud of our humble beginnings and the precedent our charter members set for us. These standards have not changed. We are still not-for-profit. Our board of directors and committee members are still volunteers—dedicated individuals who serve for the good of fellow member-owners.
Our office is no longer at 2401 Sixth Street. The par value of a share is now $50.00 and our field of membership has been expanded to include the employees and their families at Howard University and Howard University Hospital. We have also expanded our services to include so much more than a safe haven for members? savings. Today, through the impact of technology, we offer a variety of share accounts, many kinds of loans and most recently checking accounts embellished with companion services like debit cards, online banking and electronic bill pay.
During our 70-plus years of serving you the economic tide has had its ups and downs. However, we have never lost sight of our commitment to the protection of the financial wellbeing of our member-owners. Together, credit unions like Howard University Employees Federal Credit Union are making a difference and building a better tomorrow for their members and the communities they serve.