Select  Employee Group (SEG)                                                                                                   TO

     SEG Quarterly Newsletter | SEG Supply Order

     CU History | CU Vision | NCUA | Becoming a SEG | Benefits | Products & Services | FAQ

     Cannon Financial FCU Field of Membership (FOM) - Select Employee Groups (SEG) Program

The 30-second Credit Union History

The Credit Union Movement has been in existence for over 150 years – since the mid’ 1800’s.  Today, even after years of marketing and promotion, far from a majority of people really know what a credit union does and the valuable benefits members derive from belonging!  If Credit Union (CU) benefits have been held secret, the times are changing.  Recently enacted legislation expanded established guidelines allowing more organizations to join a credit union’s Field of Membership (FOM).  Additionally, the new laws relax restrictions on individual Select Employee Groups (SEGs or companies) and even more employees and their families are eligible to join the credit union movement.

Credit Union Vision - "People Helping People"

TO TOP

Most people think of credit unions as small, with exclusive and private membership reserving CU services for specific groups of individuals.  In some circumstances, this is true.  Generally, however, a credit union is a financial cooperative organized by groups of individuals who have a common bond regardless of economic status, size of the group or social standing.   The CU mission is to encourage saving and provide consumer credit at favorable interest rates.  A CU provides everyday financial services that allow individual members to handle everyday transactions.  For example, CUs provide checking accounts (called share drafts) and credit cards (VISA) to make purchases.   CUs offer a wide array of loans, (personal, for vehicles, Home loans, refinance, HELOC) for larger and longer-term acquisitions.   Additionally, specialized services are common.  Most offer Audio Response Systems, ATM programs, Online Account Management & Bill Payment and others like Notary, insurance investment and retirement planning (IRA) to name a few.

A regulated industry!

The National Credit Union Administration (NCUA) a federal agency, regulates all federal credit unions and provides insurance coverage for the accounts of over 10,000 federally-insured credit unions and insures deposits to $100,000.  For more about share insurance, click "Your Insured Funds" 

This program makes sense!

By now, the concept of initiating a relationship with a credit union seems to have merit.   Low cost financial services are noteworthy.   Still, most companies have no employees with sufficient experience to act as a financial consultant.  Further, there is little time for administrative functions like helping people fill out applications, file documents, handle cash.  And since most companies are not financial providers, there is no opportune way to present programs like this without a huge commitment on the part of management.

Becoming a participating Cannon Financial Field of Membership company or organization!

TO TOP

CFFCU wants to add companies like this.  Questions raised here are often asked.  The best answers, and we hope you find them here, is to follow some logical steps that present our reasoning.   Steps that we believe will lead to a successful relationship with CFFCU.  CFFCU needs members to grow.  The NCUA only allows the CU to promote its services at or through approved companies.

Who derives benefits, and how does CFFCU promote its products?

• While the concept of benefits has meaning on several levels, reducing the definition to some manageable level helps.  Managers and human resources officers are often asked by employees, "where can I go to get financial services like checking accounts and vehicle loans."  By establishing a relationship with CFFCU, the answer is easy.   "Go to the credit union!"  And, the concept is east to sell - CFFCU does all the work.

• When new employees learn about company policy, insurance, retirement packages and vacation schedules, wouldn’t it be ideal to add to the conversation, “here’s your direct deposit form, fill it out.  You can get a checking account, apply for low interest rate loans and other financial services from our credit union,  Cannon Financial FCU.”  The CU sees this a useful benefit for the company (helping employees, direct deposit services) and employees (low cost services).

• How we promote the CU.  The best way for a company to partner and promote the credit union – since the company receives no direct compensation – is to let us do the work.  True, we will ask you to let us hold Credit Union Days at your site . . . but, only a couple of times a year.  And appointing a CU liaison, someone we can send our newsletter to and someone who is willing to help schedule periodic meetings is helpful, but not a requirement.

Here are some of our most popular financial products and services.  Most are free of monthly service fees; all loan rates are very low, always competitive.

TO TOP

You can expect – CFFCU to handle details, the company & employees enjoy the rewards!

There is NEVER a charge to the company for credit union marketing or promotional activities.  Any organization that partners with CFFCU can expect credit union personnel to respect the rules of the company.  Our promotion material is attractive, easy to use, and is always supplied in quantities that conform to a company’s needs.  We offer small posters that can be attractively displayed on any employee bulletin board.   Important services are described and CFFCU phone numbers and website address are displayed for employee use.  When we hold Credit Union Days, all presentations are conducted during breaks, one-on-one in the employee lounge, or as scheduled by appropriate management and at a location of the company’s choosing.  Credit union personnel who visit a company always remain in authorized locations and do not venture into employee work-areas or restricted spaces.

Frequently asked Questions & Answers

What is a Credit Union (CU) anyway?   The innovative CU concept of providing help for people with financial needs started in 1850.  In communities where individuals had little disposable income and no savings, friends and neighbors choose a trusted person to hold and pool their limited assets.   When an individual was in need, money was loaned one another for the necessary items.  This was the true beginning of the time-honored idea of “People-Helping-People.”