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As a member-owned, not-for-profit financial cooperative, State Department Federal Credit Union is committed to serving our member-owners. We promise to uphold our fundamental responsibility to actively serve people within our field of membership, and as appropriate, the communities in which they live and work. We promise to treat all members with respect and dignity, and to offer honest, fair services to all members at all times. We offer a full range of financial products and services that address the diverse economic and social make-up of our members and potential members. As we have since 1935, we continually demonstrate the value of membership in State Department Federal Credit Union.
Throughout our strategic plan, we implement programs to enable our member-owners to become financially self-sufficient and successful. We place high importance on consumer education and the encouragement of careful financial management.
We will continue to monitor and communicate our service to members in a meaningful way so that members, potential members, legislators, regulators, and the community at large may understand and appreciate the unique role that member-owned financial cooperatives play in their lives.
This Statement of Commitment to Members is consistent with the credit union principle of "Not For Profit, Not For Charity, But For Service" and our philosophy of "People Helping People". This statement represents good business practices that ensure the financial strength of our credit union for the benefit of our member-owners.
Section I: Service to Members
State Department Federal Credit Union strives to offer services designed to improve the economic and social well being of all members from all socio-economic backgrounds, including our low- and moderate-income members, and return financial value to all those who participate in our member-owned financial cooperative.
Current Services that Help Improve the Economic and Social Well Being of Members:
- Free, no minimum balance checking accounts.
- Custom savings accounts
- Nationwide mortgages
- Affordable housing programs
- Wide variety of savings programs
- $20,000 scholarship fund
- Processing foreign checks
- Money orders available for purchase
- Popular Puppy club for young savers
- Capital Club account relationship benefit
- Custom loan pricing program
- Small business loans through NCB
- Student loans
- Small signature loans
- Overseas car loans
- Low rates for both new and used cars
- External refinance car loans
- Car sales with special credit union pricing
- Lending program through local car dealers
- Car buying services including extended warranties, gap insurance, Carfax, car cost guides
- Online Consumer and Home Equity loan applications
- Online home banking services including bill payer, eStatements, Credit Card Online, and SDFCU Online
- Share secured credit cards to help members re-establish and rebuild damaged credit histories
- Member surveys to identify the needs of our membership
- Credit counseling program for remedial and preventative situations
Section II: Member Education
State Department Federal Credit union is committed to member and consumer financial education; in addition we are committed to educating members and consumers, alike, about credit union uniqueness, philosophy, and values.
Current Programs that Support Member Education and Advocacy:
- Home-buying seminars
- Budgeting seminars
- Web-site information links
- Employee orientation program
- Worldwide Liaison program
- Financial counseling seminars
- Financial planning counselors
- Educational newsletters
- Orientation seminars for Member Employee Groups
- Provide periodic financial information on a variety of financial topics of concern to members
- Education materials teaching thrift, including home buying, financial management, and remedial counseling
Section III: Involvement/Governance
State Department Federal Credit Union will endeavor to preserve credit union democratic principles, including diverse representation and volunteer participation in credit union activities.
Current Programs that Support Involvement/Governance:
- Educate the members, staff, and Board about the uniqueness of credit unions, specifically the importance of volunteer leadership and democratic elections
- Actively seek wider member representation on credit union board and committees
- Voting more accessible to worldwide membership through online balloting
- Involve more volunteers through active committees
- Provide special training for members on the Board of Directors and other volunteer committees
Section IV: Diversity Programs and Activities
State Department Federal Credit Union recognizes the value of demographic diversity in staff as well as in volunteers, and will strive to bring people of diverse backgrounds and experiences into leadership and other roles at the credit union.
Current Programs That Promote Diversity:
- Actively seek to fill vacancies by hiring qualified candidates without regard to race, creed, religion, or socio-economic status
- Analyze household income data to ensure diverse market segments have programs and services that meet their diverse needs
- Expand diversity of membership through annual family membership drive
- Expand diversity of membership through business development and marketing programs
Section V: Commitment to the Credit Union Movement and other Cooperative Programs and Activities
State Department Federal Credit Union will work to build and strengthen our unique credit union movement by providing financial and other resources within the credit union community, and by actively advocating the credit union difference at all levels of government and in other appropriate public forums. In addition, State Department Federal Credit Union will participate in local, state and national cooperative activities as appropriate, and will strive to build and strengthen relationships with other sectors of the national cooperative movement.
Current Activities That Support the Credit Union Movement:
- Participate in World Council of Credit Union's People-to-People Program
- Participate in NCUA's Small Credit Union Support Program
- Participate in International Credit Union Day
- Participate in state and/or national image campaigns that promote the uniqueness of credit unions
- Encourage staff and volunteers to take an active role in league, chapter, and other leadership networks: VACUL Governmental Affairs Committee, Chapter Legislative Committee, Chapter Board, Roundtables, VACUL Board, FOCUS Committee, MCUMA, Encore Board of Directors, NAFCU Regulatory Board, CUMA Board
- Participate in cooperative advertising campaigns
- Raise money to support Credit Union political interests
- Provide summer jobs/Internships for students
- Provide tuition assistance and training so that employees may further their careers in the credit union movement
- Contributing member of the Consumer Federation of America
Section VI: Public Service/Corporate Responsibility Programs and Activities
Through direct financial support or other contributions to worthwhile local organizations, and by participating in public service activities, State Department Federal Credit Union strives to be an active partner in our community. We recognize that practicing good corporate citizenship supports the credit union philosophy of People Helping People; furthermore, it will help raise the overall level of social and economic well being of those in our community, help to strengthen ties within the community, and better position us to reach out and serve - as only credit unions can - those people in greatest need of affordable financial services.
Community Groups Currently Receiving Financial and Other and Current Public Service Activities:
Current or Existing Programs:
- Credit Union Cherry Blossom Ten-Mile Run
- Make-a-Wish Foundation
- Apple Receipts for Students
- Foreign Youth Service Foundation
- Adopt-A-Family
State Department Federal Credit Union also practices good corporate citizenship by:
- Budgeting for charitable donations
- Allowing staff to take time off for volunteer activities related to the Credit Union
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