FAQs

What services does NECFCU offer?

NECFCU provides a range of services including savings accounts, loans, financial education, and community support programs tailored for under-resourced individuals and businesses.

How can I become a member of NECFCU?

To become a member, you need to meet our eligibility criteria, which typically includes living or working in a low-income community. You can visit our branch for assistance.

What are the benefits of joining NECFCU?

Joining NECFCU offers numerous benefits, including access to loans, shared savings accounts, personalized financial counseling, and a supportive community focused on your financial success. NECFCU is member-owned (i.e., members have a vote in the direction of the organization) and receives annual dividends

Can I access my account online and on mobile?

Yes, NECFCU provides online banking services and mobile banking via apps.

How does NECFCU support local businesses?

NECFCU supports local businesses through tailored loan products (e.g., Community Small Business Loan program); business development resources; and formal partnerships with the California Hispanic Chambers of Commerce, Community Resource Project; to enhance entrepreneurship opportunities.

How does NECFCU support individuals seeking financial coaching and credit repair programs?

NECFCU created its Low-Income Financial Empowerment (LIFE)  initiative to provide tailored financial coaching at no cost.

Credit Unions vs. Banks: What’s the Difference… And Why It Matters

When it comes to managing your money, choosing between a credit union and a bank can make a big difference in how your financial life feels and functions. While both offer checking and savings accounts, loans, and other services, the way they operate and who benefits, sets them apart. 

Here’s what makes credit unions different: 

• Member-Owned, Not-for-Profit:

  • Credit unions are owned by their members, not shareholders. This means profits are returned to members through lower loan rates, higher savings dividends, and fewer fees. 
• Community-Focused:

  • Credit unions exist to serve people, not profits. NECFCU, for example, is chartered to support employees, residents, and organizations within specific underserved communities, ensuring that financial services reach those who need them most. 
• Personalized Service:

  • Members are treated like people, not account numbers. Credit unions take pride in providing personal attention, financial education, and guidance tailored to each member’s goals. 
• Better Rates and Lower Fees:

  • Because credit unions don’t answer to investors, members enjoy competitive rates on loans and savings, along with fewer and lower fees than most big banks. 
• Stronger Community Impact:

  • Every dollar deposited helps neighbors and local businesses thrive. Your membership directly supports community growth and financial empowerment. 

In short:

Banks focus on profits.
Credit unions focus on people. 
When you join a credit union, you’re not just opening an account—you’re becoming part of a financial family that puts your success first.