This discussion focuses upon the Primeway Federal Credit Union, the services it offers to its members as well as a general introduction to the basic ideas behind credit unions.
In our present era, credit unions are easy to find. You may like to search them in the internet and you will definitely get overwhelmed or get confused with the number of credit unions that will op up on your screen! Well, credit unions are actually essential and beneficial friends one can ever have. Usually, they come in different to almost similar benefits provided to their members.
What is Primeway Federal Credit Union?
Like all credit unions, Primeway Federal Credit Union is a financial organization composed of individuals. These individuals form a membership, which includes the board of directors of Primeway Federal. Each of the members have a responsibility to maintain the life of Primeway Federal, usually achieved by means of regular savings deposits. Credit unions rely on members saving for the organization to achieve sustained growth in order to pass on benefits to its members.
Primeway Federal Credit Union Services
Many great services and benefits are offered and provided by Primeway Federal Credit Union to its members.
Members are allowed to borrow money from the Primeway Federal Credit Union. N.B. Primeway Federal Credit Union determines the amount it will lend according to a number of factors such as the purpose of the loan. A Primeway Federal CU member who gets a loan is entitled for low interest rates but earns high interest rates in his savings account.
Since Primeway Federal Credit Union is a non-profit organization and owned solely by its members, the gains it may have will be divided to each and every Primeway Federal member. The shares are given to its members in the form of dividend.
Benefits Of Primeway Federal Credit Union
Like all credit unions, the Primeway Federal Credit Union is one of a number of financial organizations that have challenged banks for centuries. Credit unions area place where people can pool their money and borrow from each other and thus the strength of credit unions usually comes from their members.
Unlike banks who are owned by stock holders, the Primeway Federal Credit Union is owned by its members. Primeway Federal Credit Union is led by a member nominated and approved board of directors and committee members but every official and member works together to give life to the credit union.
History Of Primeway Federal Credit Union
Primeway Federal Credit Union was organized in 1937 as Houston Telephone Federal Credit Union. It was first located in the Houston area to serve the employees of Southwestern Bell Company. By the year 2003, the name was changed to Primeway Federal Credit Union for reasons of diversification of membership and growth. Some of the best services provided by Primeway Federal Credit Union are credit cards, secured loan, auto center, mortgage, home equity or home improvement loan, SWC insurance verification and financial calculators.