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Membership Information:
Who can join?
Persons who live or work in the Vermont Township of St. Johnsbury, Barnet, Concord, Danville, Groton, Kirby, Lunenburg, Newbury, Peacham, Ryegate, or Waterford,Vermont; persons who reside or work in the towns of Dalton, Lancaster, Littleton, or Whitefield, New Hampshire and voting members of the Dalton Ridge Runners in Dalton, NH who qualify for membership in accordance with its charter and bylaws in effect on 3/3/2002. See any Northern Lights office for further membership eligibility, which includes specific local occupational groups. What Is A Credit Union?
A credit union is a cooperatively owned financial institution. What this means is that a group of people, like yourself, have gotten together to pool their money for the benefit of all. From the outside, a credit union looks much like a bank. A credit union will offer financial services such as savings accounts, checking accounts, IRA accounts, loans of all types and other various financial products. The big difference is, when you open an account at a credit union, you become a member and a part owner. A credit union is owned by the membership. Each year, a credit union will hold an annual meeting to elect a Board of Directors and to report to the membership the status of the credit union. Each member, regardless of how much they have on deposit, is entitled to one vote at the annual meeting. The Board of Directors are elected from the membership and serve without pay. The Board serves to guide the credit union, to insure that the credit union is operated on a sound financial basis and to chart a course for implementing new services that are requested by the membership. A credit union is a non-profit organization. All profits made are returned to the members in some fashion. This may be in the form of an interest rebate on loan interest paid, an extra dividend paid to savings accounts, lower loan rates, fee reductions or various other methods. What this means for you is that loans and services will generally cost you less and savings will generally pay you more than elsewhere because the need to make a profit is eliminated. Credit union membership is financially rewarding!! The money that you have on deposit is safe, too. All deposits in any Vermont credit union are federally insured up to at least $250,000 by the National Credit Union Insurance Fund (NCUIF) which is administered by the National Credit Union Administration (NCUA), an agency of the United States Government. There are three basic types of credit unions. A community based credit union can accept members from a specific geographic area. (i.e. Your Town Credit Union). An occupational based credit union can accept members with a similar occupation (i.e. printers, steelworkers, etc.). An organizational credit union can accept members from an organization (i.e. St. Anne’s Parish, etc.). Membership in a credit union is not open to just anybody. The membership requirements for each credit union are based on its type of charter. More than eighty million people across the United States are taking advantage of the low cost financial services of a credit union... Shouldn’t you become one of them? Our Staff:
| Rita | CEO | 800-856-0026 | | Pennie | FSR | 800-856-0026 | | Jen | Bookkeeper | 800-856-0026 | | Claudette | FSR | 800-856-0026 | | Jessica | FSR | 800-370-6455 | | Kelly | FSR | 800-370-6455 | | Heather | FSR | 800-370-6455 | | Eric | Collections | 888-301-4487 | Board of Directors and Supervisory Committee:
In the credit union industry the Board of Directors and Supervisory Committee are comprised of volunteers. On an annual basis the membership votes for 2-3 Board Members depending on expiring terms at the annual meeting, which is open to the entire membership.
The Board of Directors appoints 3-5 members to the Supervisory committee. In any given year there may be as many as two positions up for appointment.
For all of these volunteer positions the credit union seeks a diversity of backgrounds and ages. If you should have any interest in becoming a volunteer for either the Board of Directors or the Supervisory Committee please use the contact section or call us at 800-856-0026
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