TEG Federal Credit Union: We’re More Than Just a Bank
What is a Credit Union?
Credit unions offer similar financial services to banks, but some key differences make them a great alternative for everyday banking needs.
Neighbors Helping Neighbors
Credit unions were created with the philosophy of people helping people. TEG Federal Credit Union is a not-for-profit, member-owned financial cooperative with a purpose of providing our members with reliable, trustworthy financial services that enhance their financial well-being.
You’re More Than Just a Customer
When you open a savings account (also called a share account) at TEG, you become a member-owner. This means you have a say in how the credit union operates and benefit from its success!
Your Needs Come First
TEG Federal Credit Union puts our members first, unlike banks that prioritize profits. This translates to:
- Exceptional products and services: We offer a variety of accounts and services to fit your individual needs, whether you’re a student, purchasing a house, or planning for retirement.
- Competitive Rates: Enjoy higher savings yields and lower interest rates on loans.
- Fewer Fees: We keep our fees low so you can save more money.
- Your Financial Partner: Our friendly and knowledgeable staff is here to help guide you to reach your financial goals.
- Focus on Financial Wellness: We offer resources and tools to help you achieve your financial goals.
- Community Commitment: We’re dedicated to giving back to our communities, including Dutchess, Orange, Ulster, Putnam, Sullivan, Westchester, and Rockland counties.
- 24/7 Access: Manage your accounts conveniently anytime, anywhere with Digital Banking.
| Bank | Credit Union | |
|---|---|---|
| Primary Focus: | Making a profit | Helping members and the community |
| Tax Status: | For-profit, pays taxes | Not-for-profit, tax-exempt |
| Where Profits Go: | To shareholders | To benefit members |
| Rates & Fees: | More fees and rates are structured for the benefit of the bank | Fewer fees, high savings yields, lower interest rates on loans |
| Insured Deposits: | Yes, to at least $250,000 by the FDIC | Yes, to at least $250,000 by the NCUA |
How TEG Federal Credit Union Helps Your Community
Ready to Make the Switch?
If you’re looking for a financial institution that puts your needs first, TEG Federal Credit Union is the perfect choice. Learn more about our membership options and how we can help you achieve your financial goals.
