Rockland Employees Federal Credit Union

History

The credit union movement began in the United Sates in 1909 when the first credit union was formed in Manchester, New Hampshire. Credit unions serve many people left underserved by traditional banking institutions and provide alternatives to the oppressive loan-rates of pawn shops and pay-day lenders.

Rockland Employees Federal Credit Union was founded May 24, 1962 by seven members who contributed $5 per share for the credit union’s initial capital. These original members were: John A. Rothenberg, Maggie K. Conway, Ivory Howard, Marsielle Crowder, Alphonso E. Brown, Jr., Charles McDearmon and Anita Ramsey. Membership grew from 7 members in 1962 to 6,900 members in 2009. We were originally set up to serve: Employees of Rockland State Hospital; Employees of this credit union; members of their immediate families; and organizations of such persons.

Member's Bill of Rights

Rockland Employees FCU is a democratically run not-for-profit financial institution. It has a volunteer Board of Directors, elected by the members at an Annual Meeting, on a one member, one vote basis. REFCU is a federally chartered cooperative, and members’ shares (savings) are insured up to $250,000 per depositor by the National Credit Union Administration (NCUA), an agency of the federal government.

Members and their families enjoy the full benefits of Rockland Employees Federal Credit Union by way of earning higher returns on savings and certificates of deposit; low cost mortgage loans or personal loans, revolving credit and low or no fee services.

Because REFCU is a not-for-profit financial service cooperative—it works for the benefit of its members. Here’s what REFCU members can expect:

A financially secure institution complying with the laws and regulations that govern it.
A solid financial condition; responsible management of member’s financial resources.
Highly principled employees demonstrating integrity, professionalism, and ethical behavior.
Respectful, courteous, timely, and unbiased personal service.
Confidential records and transactions.
The opportunity for your opinions to be heard and valued.
Voting rights.
Volunteer credit union board and committee membership opportunities if you qualify and are elected.
Dividend and loan rates that compete with and often offer advantages over other financial institutions’ rates.
Truthful advertising and disclosure of product and service rates, risks, charges, obligations, terms, and conditions.
Timely notification and correction of credit union errors or inaccuracies.
Timely response to loan request, account problems, or suggestions.
Recourse appeal and fair resolution of problems.