What is the meaning of NEFCU?
Before changing to its current name, NEFCU (New England Federal Credit Union) was known as the Credit Union For Better Banking. And also, as one of Long Island’s leading credit unions, NEFCU offers affordable banking services to the Long Island community.
For example, at the NEFCU, you’ll find all of the same services you get at your local “big bank.” But, of course, with better rates and lower fees, they simply cannot match!
And, unlike banks who exist for their stockholders, NEFCU is designed exclusively for their members and their families.
Not to mention, that’s why their members’ financial needs and goals are their top priority. In fact, they work hard to stay true to their mission:
Provide high-value financial products and exceptional service that enable their members to build financial success.
While this is their mission statement now, it has also been their guiding force since the very beginning.
Certainly, NEFCU is also so proud of the work they have done, and continue to do in building stronger communities.
NEFCU Goals and Missions
As a matter of fact, one of their missions is to meet the needs of their growing membership. For one thing, they’ve always emphasized convenience, value, and service.
As a result, they now offer a full range of quality personal financial products. Such as Checking and Money Market accounts. In addition to IRAs, Credit Cards, Home Equity Loans, and Mortgages.
As well as leading-edge conveniences. Including, surcharge-free ATM access, Direct Deposit, and Free Online Banking with Bill Payment and Mobile Banking.
They also expanded their breadth of products and services to include business deposit and lending services.
Additionally, they are also proud to be offering a full and complementary array of business services that rivals any commercial bank around.
Where is NEFCU located?
In 2012, as Hurricane Sandy devastated Long Island, they were there to support their members and their families through this difficult time.
The New England Federal Credit Union is a credit union is headquartered in Williston, Vermont. And also, having been founded in 1961, its the largest credit union in Vermont.
Secondly, NEFCU is chartered and regulated under the authority of the National Credit Union Administration of the U.S. federal government.
Equally important, they invite you to learn more about their organization and how they can help you build your financial future.
Not forgetting, NEFCU has a rich history of providing highly valued financial products and exceptional services. Especially, that enable their members to build a future rich financial success.
When did NEFCU begin its operations?
On April 28, 1938, a group of school employees joined together to form the Valley Stream Teachers Federal Credit Union.
Not to mention, this financial cooperative made it possible for school employees to pool their savings and to borrow from one another.
In reality, the mission was simply to develop a mechanism by which employees’ financial needs could be met.
And while they changed their name to NEFCU from (The Credit Union for Better Banking) in 1981, many things have changed.
Particularly, in those ensuing years in addition to their name. Whereby, for example, they moved from one location to another in Valley Stream.
And also, they opened additional branches and joined with other Long Island Credit Unions in the CU Service Center. After all, which is a shared branching concept to bring members even more locations.
Membership & Stakeholders Of The Union
For your information, the New England Federal Credit Union (NEFCU), is a member-owned financial institution.
In general, serving communities in the six counties of northwestern Vermont. And also, with more than 88,000 members and $1 billion in assets.
Generally speaking, this is one of the supporting factors as to why it is one of the largest Credit Union in Vermont.
Inclusively, with membership open to anyone who lives, works, worships or attends school in the six counties of northwestern Vermont. Including,
- Grand Isle,
- Washington, and even,
In 2010, they applied for and were expeditiously granted a community charter, which means that NEFCU broadened its field of membership. Allowing them to serve the likes of Nassau and Suffolk Counties.
This expansion now allows them to offer Long Islanders the tremendous value and unparalleled benefits. In the end, that has made them one of the largest credit unions in the region.
In 2012, they opened their first Suffolk County location and continue their expansion in both Suffolk and Nassau counties to date.
Their field of membership initially included:
- employees of Nassau County schools,
- colleges, and universities,
- public libraries,
- other affiliated groups,
- their families, and even retirees.
But, it has also expanded through the years to include a range of professionals. Such as teachers, lawyers, doctors, dentists, accountants, engineers, and even more. Then again, along with their support staff and families.
How do I find my NEFCU Routing Number?
Notably, the NEFCU routing number is 221480807.
Furthermore, these nine numbers can also be found on the bottom left-hand corner of your NEFCU checks.
If you are completing a wire transfer with NEFCU, please be advised that they do not use a SWIFT code. Meaning that only a NEFCU account number and routing number will be needed.
By the same token, the FDIC insures deposits according to the ownership category. Although, the standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category.
Also, the insurance coverage the NCUA provides through the NCUSIF is practically the same as the FDIC. With individual accounts protection fee of up to $250,000.
NEFCU & Enrich for Financial Wellness Education
In other words, the New England Federal Credit Union is known for its Humanitarian and Charitable works as well.
On one hand, they provided $50 million dollars in low-cost loans to assist in the rebuilding of their communities. And also, donated $20,000 to Long Island Cares Hurricane Sandy Relief Fund.
On the other hand, they continue to remain active in sponsoring a myriad of cultural, ethnic and family events. Especially, throughout Long Island, such as programs that aid local military families, the Special Olympics, the Muscular Dystrophy Association and much more.
In addition, they also offer a comprehensive Scholarship and Grant program that has awarded over $1 million in funding for higher education.
Before I conclude, the future promises to be an exciting one for New England Federal Credit Union (NEFCU).
With this in mind, they hope you will avail yourself of all that their Credit Union has to offer.
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