UNION SETTLEMENT FEDERAL CREDIT UNION
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ABOUT US
We are a Community Development Credit Union
serving the East Harlem Community. The boundaries of our field of membership, are 90th Street north to 125th Street, and from the East River Drive to the East side of Fifth Avenue and all members of the Canaan Baptist Church in Christ. We advocate for equitable financial policies and services to our membership and the community at large.

Anyone who lives, works, worships, attends school or participates in a program within these boundaries is eligible to join the Credit Union. Members of the immediate family of an existing member are also eligible.

When you join a credit union, you become a member and not just a customer - you own part of the organization. You will enjoy rights as a "shareholder" when you make you initial deposit into your savings account. Whether you have $1 or $1,000 in your account, you have an EQUAL voice and an EQUAL vote in the affairs of the credit union.

As a member, you have the priviledge to attend our annual meeting where you will hear the successes from the prior year and new initiavtives for the ensuing year.


Members • Owners
  • Affordable - Credit Unions are not-for-profit. therefore we control our expenses to cover the cost of operations and return a dividend to the member/owners/ In most cases we are less expensive than other financial institutions.
  • Low Balance Requirements - For as little as $10.00 you can open an account with us. Our monthly maintenance charges are low, $1.00 per month if you have less than $100.00 in your share/savings account.
  • Low Cost Services - The savings on fees could be substantial. For example, our share draft accounts could save you more than $66.00 per year in monthly maintenance charges alone.
  • Safety and Soundness - Each year, our federal regulators, the National Credit Union Administration (NCUA), examine the credit union policies to ensure we are operating in a safe and sound manner.
  • Insured - All deposits are federally insured to a maximum of $100,000 by the National Credit Union Share Insurance Fund.
  • Understanding Members Needs - We are in a perfect position to understand the needs of the members and provide them with the services they need to fulfill those needs.





Union Settlement Federal Credit Union (USFCU) is a not-for-profit, member owned financial institution. USFCU was organized by community leaders connected with Union Settlement Association, a non-profit organization dedicated to enhancing the self sufficiency of individuals and families within the community, one of the oldest settlement organizations the United States. In 1947, a group of employees saw the need to aid the community by providing the community with a financial institution they could call their own. From this idea USFCU was born and chartered in 1957. After the Credit Union's charter was approved in 1957, members savings were lent back out for "small" loans.

As time passed and member savings grew, so did the size of new loans. From these humble beginnings grew Union Settlement Federal Credit Union! USFCU formally serves persons who live, work, attend school or church or participate in any program within the area from 90th Street to 125th Street and East of Fifth Avenue. The credit union also serves persons of all ages, but has undertaken special efforts to serve Harlem youth.

USFCU is both regulated and insured by the National Credit Union Administration (NCUA), which conferred upon the credit union "low-income designation" for its role in providing financial services to underserved individuals.

The credit union was also certified in 1997 by the U.S Department of the Treasury as a Community Development Financial Institution (CDFI), reflecting its provision of financial services, credit and other community development services to a low-income population. In 2000 the credit union was also re-certified as an SBA 7A Lender, which allows the credit union to services women and minority owned business/entrepreneurs.

The credit union, a financial cooperative, is East Harlem's alternate banking system. Members pool their assets and lend money to each other at low interest rates. Today after many years of service committed to it's philosophy "NOT FOR PROFIT BUT FOR SERVICE", Union Settlement FCU continues to serve East Harlem with services such as Money Transfer, Visa Credit cards, direct deposit of payroll checks and government checks, fixed-rate mortgage loans and student loans. Through aggressive outreach in the community, the Credit Union has 4,000 members and has provided over $36 million in personal, home, business and educational loans.


© 2010 Union Settlement Federal Credit Union