Woburn Municipal FCU
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About Us: FAQs
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Now You Can Choose Your Financial InstitutionNot all financial institutions are alike, just like not all people are alike. People like you look for better alternatives to managing their money. Woburn Municipal Federal Credit Union offers you an option. You can choose to eliminate high-interest, high fees from your life by choosing to join a credit union. Woburn Municipal Federal Credit Union is uniquely different from a bank, finance company, Savings & Loan, or Thrift. Once you join us, you'll be immediately eligible for our low or no-fee financial services, lower interest rates for loans, and higher yield investment and savings accounts, plus outstanding member services and the attention you deserve. Joining is easy. If you are eligible, just open a Share Account which represents your "share" in the credit union. Your $5.00 deposit in this account begins your lifetime of credit union benefits.
What Is A Credit Union?Woburn Municipal Federal Credit Union is part of a long-standing tradition in personal finance management. The credit union concept originated in Germany during the mid-1800s. A group of farmers, tired of high prices and outrageous interest rates, combined their money to buy supplies and establish a common pool to borrow from at lower interest rates. Today's "credit unions" are similar. They are not-for-profit, member-owned, and democratically operated by people just like you. Currently, there are over 11,700 credit unions in the United States with more than 74,000,000 members. Although credit unions have changed over the years to meet the demands of their members, our long-standing philosophy of "People Helping People" has remained the same.
A Unique Financial InstitutionWoburn Municipal Federal Credit Union is a unique, not-for-profit, member-owned financial institution. We are chartered by the federal government and regulated by the National Credit Union Administration (NCUA). Member deposits are federally insured by the National Credit Union Share Insurance Fund (NCUSIF) Unlike banks that are driven to provide a profit for shareholders, your credit union returns excess earnings to our members. We do this by providing friendly and personal service, lower interest rates for loans, higher yields on savings and investment accounts, and by adding new financial products and services.
Who Is Eligible To Join?If you are a Woburn Municipal employee or a family member of a Woburn Municipal Federal Credit Union member, you can join. And your membership is for life. Whether you move, change jobs, retire, or marry, you are still a member with access to all membership benefits and services. Wherever you go, you can keep in touch with your credit union by phone, mail, fax, or in person. We also offer membership to eligible Select Groups within the City of Woburn or a 25 mile radius thereof. If you change your lifestyle, be sure to visit your credit union to ensure that you continue to enjoy your credit union's money-saving benefits.
Who We ServeWoburn Municipal Federal Credit Union has been serving its members since 1966 when it was founded by several teachers, firefighters, police officers, and other municipal employees to organize a not-for-profit financial institution for municipal employees and their families. We now serve over 3,100 members, including Select Groups. As a member, you can invite your relatives by birth or marriage to join. Your credit union membership is for life, regardless of whether you change jobs, move, or retire. Wherever you go or whatever you do, you can access your credit union's financial products and services by mail, phone, fax, email, and nationwide ATMs. If you change your lifestyle, a call or visit to your credit union ensures that you continue to enjoy your credit union's money-saving benefits.
Board of DirectorsWe are governed by a member-elected Board of Directors. Your Board of Directors establishes loan and savings policies and directs the affairs of the credit union. Supervisory CommitteeThe Supervisory Committee oversees the financial affairs and strength of your credit union.
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Federally Insured By NCUA
