THE MAC FCU

Are You a Member of The MAC Federal Credit Union?
If not, you're missing the advantages of credit union membership. Finance a new car, set up an IRA, open a savings or checking account. THE-MAC Federal Credit Union is here to serve you. We offer products and services that are competitively priced to help you make the right financial decision!!!

Benefits of Membership
Founded on the basic democratic premise of the cooperative movement, Credit Unions believe access to low-cost financial services is vital to the financial health and stability of its members. In fact, nearly 80 million Americans trust their Credit Union to provide the basic services to improve their financial well- being. Credit Union membership offers many benefits and advantages.

Study after study has revealed that, on average, Credit Unions provide the best financial offerings with fewer fees, lower rates on loans and higher rates on savings. And Credit Unions continually score higher than all other financial institutions in consumer satisfaction surveys. Credit Unions strive to deliver the best service possible to their most important assets--their members.

Credit Union History
The credit union idea is a simple one: People should be able to pool their money and make loans to each other. It's an idea that evolved from cooperative activities in 19th century Europe. Since that time, the
idea's guiding principles have remained the same: (1) Only people who are credit union members should borrow there; (2) loans are made for "prudent and productive" purposes; (3) a person's desire to repay (character) is considered more important than the ability (income) to repay. Members are, after all, borrowing their own money and that of their friends. These principles still govern most of the world's credit unions. As the 20th century began, the credit union idea surfaced in Canada. Canada's successful efforts profoundly influenced two Americans: Pierre Jay, the Massachusetts banking commissioner, and Edward A. Filene, a Boston merchant.

Mission
Your Credit Union provides and promotes the use of a variety of financial services which feature particular benefits and advantages over those generally available from other banking sources, with the specific intent of helping members gain some particular measure of personal financial success.

Regulation and Supervision
Credit unions are chartered under either federal or state law. Federally chartered credit unions are regulated by the National Credit Union Administration (NCUA), an independent agency of the U.S. Government. NCUA's three board members are nominated by the President and confirmed by the Senate. State chartered credit unions are regulated by their state credit union department. NCUA administers the federal insurance fund (NCUSIF), which covers all federal credit unions and most state chartered credit unions. No taxpayer money is used for regulating and overseeing federal credit unions, as all activities of NCUA and the NCUSIF are funded by credit unions.

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