History of Credit Unions
Not for profit,
Credit Unions, as non-profit cooperatives are unique in the financial world. They exist
solely to meet the financial needs of their members. They are owned and
directed by their members and are dedicated to the credit union motto:
not for charity,
but for service.
Credit Unions, as we know them today, have their origins in Germany, where the poor farmers formed credit societies in 1840. After feudalism was gone, farmers were
allowed to own their land. Unfortunately they were financially unable
to purchase land or the equipment necessary to operate the farms. When
the banks at that time would not lend to people of lesser
means, this forced them to go to money lenders and borrow
at exorbitant rates. The credit societies gave these people a place to
borrow money at reasonable rates. As their popularity increased, they
became known as peoples banks.
Welcome to the Florida Aircraft Federal Credit Union Web Site. We hope you find
this site informative and helpful in assisting you with any and all of
your financial service needs.
Florida Aircraft Federal Credit Union is a not-for-profit full service financial
institution owned and operated by its members. We have been providing
quality service and convenience to our membership since 1958. While consumers
today demand more from a financial institution than ever before, we at
Florida Aircraft Federal Credit Union have exceeded those standards by
blending technology, automation and personalized attention into our products
and services. Please browse through our Web Site to learn more about our
many services and membership.
The mission of this Credit Union is to strive for the enhancement and financial well
being of our members by providing a variety of quality products and services.
We endeavor to exceed members expectations in meeting financial
Florida Aircraft Federal Credit Union received a Federal charter in 1958 to serve the financial needs of the employees and immediate family members of Pratt & Whitney
Aircraft (a division of United Technologies Corporation). The philosophy
of the Founding Directors was to promote thrift and provide
loans at reasonable and competitive rates. As a not-for-profit financial
institution, the Credit Union established a history of rewarding its membership
with above average dividends on both share and share draft accounts, while
treating all members equal regardless of their account balance. The Credit
Union has recently opened their field of membership to interested
groups who would like to benefit from our services. Florida Aircraft Federal
Credit Union has grown in assets to over $200M by simply providing professional
and friendly financial service for over 40 years.
Copyright © 2000 Florida Aircraft
Federal Credit Union. All rights reserved.