Woburn Municipal FCU

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About Us: FAQs

What Is A Credit Union?
A Unique Financial Institution
Who Is Eligible To Join?
Board & Supervisors

 

Now You Can Choose Your Financial Institution

Not all financial institutions are alike, just like not all people are alike. People like you look for better alternatives to managing their money. Woburn Municipal Federal Credit Union offers you an option. You can choose to eliminate high-interest, high fees from your life by choosing to join a credit union.

Woburn Municipal Federal Credit Union is uniquely different from a bank, finance company, Savings & Loan, or Thrift. Once you join us, you'll be immediately eligible for our low or no-fee financial services, lower interest rates for loans, and higher yield investment and savings accounts, plus outstanding member services and the attention you deserve.

Joining is easy. If you are eligible, just open a Share Account which represents your "share" in the credit union. Your $5.00 deposit in this account begins your lifetime of credit union benefits.

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What Is A Credit Union?

Woburn Municipal Federal Credit Union is part of a long-standing tradition in personal finance management. The credit union concept originated in Germany during the mid-1800s. A group of farmers, tired of high prices and outrageous interest rates, combined their money to buy supplies and establish a common pool to borrow from at lower interest rates.

Today's "credit unions" are similar. They are not-for-profit, member-owned, and democratically operated by people just like you. Currently, there are over 11,700 credit unions in the United States with more than 74,000,000 members. Although credit unions have changed over the years to meet the demands of their members, our long-standing philosophy of "People Helping People" has remained the same.

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A Unique Financial Institution

Woburn Municipal Federal Credit Union is a unique, not-for-profit, member-owned financial institution. We are chartered by the federal government and regulated by the National Credit Union Administration (NCUA). Member deposits are federally insured by the National Credit Union Share Insurance Fund (NCUSIF)

Unlike banks that are driven to provide a profit for shareholders, your credit union returns excess earnings to our members. We do this by providing friendly and personal service, lower interest rates for loans, higher yields on savings and investment accounts, and by adding new financial products and services.

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Who Is Eligible To Join?

The Woburn Municipal Federal Credit Union proudly serves the City of Woburn, employees and family members; Membership is also open to anyone who is involved with The Woburn Public Library, Friends of the Woburn Public Library, and affiliates - students of the Woburn Public School System, and employees of local businesses with the Woburn Business Association, approved by the Board of Directors.

Once you become a member of the credit union, you're a member for life, regardless of your employment ofr residence. If you change your lifestyle, be sure to visit your credit union to ensure that you continue to enjoy your credit union's money-saving benefits.

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Board of Directors

We are governed by a member-elected Board of Directors. Your Board of Directors establishes loan and savings policies and directs the affairs of the credit union.

Supervisory Committee

The Supervisory Committee oversees the financial affairs and strength of your credit union.

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Federally Insured By NCUA