If you have not previously taken advantage of membership in the St. Thomas Employee Federal Credit Union, this October is a great time to join. The credit union will hold a $25 raffle for any member joining during October, with the drawing to be held on Thursday, Oct. 31. The $25 will be in the form of a deposit to your share account.
A few facts about the St. Thomas credit union:
- The employee credit union has been offered to all St. Thomas employees as a fringe benefit since January 1949. The name of the school has changed since then, as has the name of the credit union, but the benefit of credit union membership remains the same valuable opportunity to any eligible employee.
- The field of membership of the St. Thomas Employee Federal Credit Union includes any regular employee at the University of St. Thomas or at St. Thomas Academy, and immediate family members of those employees. Like all credit unions, the St. Thomas credit union is owned and governed by its members through an elected board, with oversight by the National Credit Union Administration, a U.S. government agency that insures funds of each account up to $250,000.
- The credit union offers basic savings (current deposit limit is $100,000 per member) and loans (current cumulative maximum is $40,000 per member at any one time). A Christmas Club account also is available.
- The credit union is a nonprofit corporation and attempts to pay as high a dividend on savings as possible and to offer loans at very competitive rates. All funds in the credit union are provided by its members; no member can borrow unless another member saves.
- Automatic payroll deduction is available for both saving and loan payments from both the UST and the St. Thomas Academy payrolls.
- The credit union currently has approximately $3,600,000 in assets, and is owned by approximately 1,220 members.
- Joining the credit union is very simple, requiring the filling out of a member card, supplying a photocopy of a driver’s license or other picture ID, and depositing $5, which buys one share in the credit union. Stop by the credit union in Loras Hall, Room 209, during open hours (noon to 3 p.m. on Mondays, or 10 a.m. to 1 p.m. on Tuesdays, Thursdays and Fridays), or call (651) 962-6660 or email creditunion@stthomas.edu to request a membership packet.
For more information about the credit union visit www.stthomas.edu/creditunion.
