Way back in 1949, the then College of St. Thomas, working with a small group of employees, agreed to sponsor an employee credit union on campus. The credit union’s field of membership included any employee of the college or of St. Thomas Academy (at that time located on the same campus as the college) and immediate family members of those employees.
The name of the credit union has changed from the St. Thomas College Federal Credit Union to the St. Thomas Employee Federal Credit Union, but not much else is different. The St. Thomas credit union, like all credit unions, is owned by its members and is governed by its members through an elected board with oversight from the National Credit Union Administration, which insures the funds of each account up to $250,000.
The credit union continues to offer basic savings accounts and loans up to a cumulative maximum of $40,000 per member. It is a nonprofit corporation and attempts to pay as high a dividend on savings as possible while making loans available to members at very competitive rates. The only money the credit union has to lend is the deposits made by its members – no one can borrow unless someone saves.
Membership requires filling out a member card, supplying the credit union with a photocopy of a driver’s license or other picture ID, and depositing $5, which buys one share in the credit union.
For more information go to the credit union website.