The credit union movement began in the United States in 1909 when
the first credit union was formed in Manchester, New Hampshire.
Credit unions serve many people left underserved by traditional
banking institutions and provide alternatives to the oppressive
loan-rates of pawn shops and pay-day lenders.
Rockland Employees Federal Credit Union was founded May 24, 1962
by seven members who contributed $5 per share for the credit union’s
initial capital. Membership grew from 7
members in 1962 to 6,900 members at the end of 2016. We were originally set
up to serve: Employees of Rockland State Hospital; Employees of
this credit union; members of their immediate families; and organizations
of such persons.
Member's Bill of Rights
Rockland Employees FCU is a democratically run not-for-profit financial
institution. It has a volunteer Board of Directors, elected by the
members at our annual meeting, on a one member, one vote basis. REFCU
is a federally chartered cooperative, and members’ shares
(savings) are insured up to $250,000 per depositor by the National
Credit Union Administration (NCUA), an agency of the federal government.
Members and their families enjoy the full benefits of Rockland
Employees Federal Credit Union by way of earning higher returns
on savings and certificates of deposit; low cost mortgage loans
or personal loans, revolving credit and low or no fee services.
Because REFCU is a not-for-profit financial service cooperative—it
works for the benefit of its members. Here’s what REFCU members
- A financially secure institution complying with the laws and
regulations that govern it.
- A solid financial condition; responsible management of member’s
- Highly principled employees demonstrating integrity, professionalism,
and ethical behavior.
- Respectful, courteous, timely, and unbiased personal service.
- Confidential records and transactions.
- The opportunity for your opinions to be heard and valued.
- Voting rights.
- Volunteer credit union board and committee membership opportunities
if you qualify and are elected.
- Dividend and loan rates that compete with and often offer advantages
over other financial institutions’ rates.
- Truthful advertising and disclosure of product and service
rates, risks, charges, obligations, terms, and conditions.
- Timely notification and correction of credit union errors or
- Timely response to loan request, account problems, or suggestions.
- Recourse appeal and fair resolution of problems.
REFCU is a self-governing entity entirely separate from its sponsors.
Member transactions are strictly confidential.
Your account is fully insured up to $250,000 by the NCUA,
a Federal Government Agency.
Continuation of Membership
Your membership continues even if you change jobs, relocate or
retire. Our philosophy is “Once a Member, Always a Member”.