Norfolk Credit Union Celebrates 64 Years of Service in Norfolk!

There's no better time to belong to Norfolk Community Federal Credit Union. Credit unions have a long history of helping people establish themselves financially and improve their financial profiles. That hasn’t changed. But now, through cooperative programs like shared branching and CO-OP Network ATMs, Norfolk Credit Union also offers cutting edge convenience and security. Members get all the benefits of dealing with a nationwide network while enjoying the personalized service that your credit union was built upon.
Thanks to the loyalty and support of our members, we are celebrating our 64th birthday this year! Sixty-four years in the Town of Norfolk with local people making local decisions! We were chartered on August 13, 1953 and still continue to serve our community and our adjacent neighbors in other communities.
On the face of things, credit unions and banks may look similar: similar menu of services, similar-looking locations. Maybe you even think the two are interchangeable. But there’s a critical difference between a credit union and a bank—and it affects virtually every aspect of service at your financial institution. Banks exist to make profits and pass that money along to their shareholders. Credit unions are not-for-profit organizations that exist to serve their members.
Small difference? Not when you consider how ownership can impact the relationship between you and your financial institution. Banks don’t just happen to make money off of their customers; they are obliged to do so. As for-profit businesses, their responsibility is to their shareholders. When they set fees and rates, they must build in a healthy profit margin. This is great news for shareholders, but not necessarily for bank customers, who necessarily end up footing the bill.
Credit unions take the opposite approach. Norfolk Credit Union is a not-for-profit institution that is owned by—and for the benefit of—its members. Instead of making shareholders wealthy, we set our rates and fees at levels that are advantageous to you. Whether you’re considering a deposit account, securing a home loan, or using one of the 30,000+ surcharge-free CO-OP Network ATMs available to you as a member of Norfolk Credit Union, you can be sure that you are getting the best possible value. This isn’t just a slogan or a marketing strategy for us. In the same way that banks are obligated to serve their shareholders, credit unions are responsible for providing the very best products and services to their members—without adding in a profit.
Norfolk Credit Union offers nearly everything else a nationwide bank might offer—online account access, credit and debit cards, insurance on accounts. But we do it within a member-focused philosophy, where our goal is to help our members achieve financial health, not just boost our bottom line. For generations, credit unions have been an excellent choice for people who wanted to cultivate their own financial health. Now, that choice gives you more and more access to convenience and services too. It’s all yours and—at Norfolk Credit Union—it belongs to you, our shareholders.
Check out all our products and services on our website, www.norfolkcommunityfcu.org, or stop by our office at 206 Main St. for more information. Join us on Monday, August 14th to celebrate our birthday and find out more!