Membership is Ownership

East River Federal Credit Union is a cooperative, owned and operated by its members. This is what distinguishes the Credit Union from other financial institutions. Members deposit their money in a variety of savings accounts, and that money, in turn is lent to members. After operating expenses and reserve requirements are met, income is returned to all members in the form of dividends and comprehensive financial services.

East River Federal Credit Union is governed by a Board of Directors that establishes and reviews policy. The Directors are Credit Union members who are elected by the Membership and serve without pay. Every member has one vote, regardless of how much he or she has on deposit. At the Credit Union, there is no select group of shareholders that profits more than anyone else. All Members profit—individually and collectively.

Our Mission Statement to You: We are committed to the success and financial well-being of our members and our community.

East River Federal Credit Union is a federally chartered credit union, organized under strict regulatory laws that are monitored and enforced by the National Credit Union Administration (NCUA), an agency of the U.S. Government. The NCUA insures each member's account to at least $250,000.

National Credit Union Share Insurance Fund (NCUSIF)

The share insurance at East River Federal Credit Union is similar to deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Federal Savings and Loan Insurance Corporation (FSLIC). Share (savings) accounts in federally insured credit unions are insured to at least $250,000, an amount equal to the insurance protection offered by the FDIC and FSLIC. Generally, if a credit union member has more than one account in the same insured credit union, those accounts are added together and are insured up to $250,000. There are exceptions, however. If a member has a regular share (savings) account and an Individual Retirement Account in the same credit union, the regular share (savings) account is insured to at least $250,000 and the IRA is insured separately up to $250,000, and if a credit union member has more than one IRA account in the same insured credit union, those IRA accounts are added together and are insured up to $250,000. The NCUA Insurance booklet or the How Your Accounts are Federally Insured brochure gives a more detailed explanation of insurance coverage. If you would like to calculate share insurance coverage go to the Share Insurance Estimator or learn more about credit unions or insured deposits, go to www.mycreditunion.gov.