Our History
Atlantic City Electric Company Employees Federal Credit Union
On April 16, 1940, in the main office building at Kentucky and
Pacific Avenues, an organizational meeting was held for "The
Atlantic City Electric Company Employees Federal Credit Union,"
Charter No 3755. Since that meeting, we have grown in asset
size, membership numbers, and services. We are now over 4,000
members strong, with 37 million in assets.
Atlantic City Electric Company Employees 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 savings accounts, plus outstanding
member services, and the attention you deserve.
A Balance Between The New And The Traditional
At Atlantic City Electric Company Employees Federal Credit
Union, we have maintained the balance between the old and
the new. We offer a variety of services while returning a
high dividend. While we strongly believe in providing technologically
advanced services, we just as strongly believe in the personal
touch that has served us so well over the years.
Our Mission Statement
Our mission is "to provide quality financial services
to all members while maintaining a strong financial position."
We believe that we have done this. We also have merged this
commitment with the Credit Union ideal of "Not for Profit,
Not for Charity, But for Service," to provide the perspective
that is the Credit Union difference and that will continue
to reward those who support it.
We also feel that educating our members on how their Credit
Union operates and what sets us apart from other financial
institutions continues to strengthen our foundation.
Our Vision
Our Vision is to be our members' primary financial institution.
We will accomplish this by offering: high quality, progressive
and competitive financial products; superior personalized
member services; and additional accessibility through technology.
Our Values & Beliefs
Our commitments, values and beliefs will be to: provide customer
focused service by being courteous, friendly, effective and
responsive; conduct business ethically, honestly and with
integrity; and promote continuous development of our Board
members, staff and volunteers.
Frequently Asked Questions (FAQs)
What Is A Credit Union?
Atlantic City Electric Company Employees 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.
How Are We Different From A Bank?
Atlantic City Electric Company Employees 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
by adding new financial products and services.
Atlantic City Electric Company Employees Federal Credit
Union offers you an option. You can choose to eliminate
high-interest and high fees from your life by choosing to
join a credit union.
Who Manages The Credit Union?
We are governed by a member-elected Board of Directors,
a Credit Committee, and a Supervisory Committee. Our members
are joined together by a common bond, and we can only serve
our members. With the exception of the staff, all who work
for your credit union are volunteers.
Board of Directors
Your Board of Directors is responsible for maintaining the
general direction and control of your Credit Union. To ensure
sound financial conditions, it establishes programs, writes
policies, and appoints committees to fulfill various functions.
In addition, the Board sets dividend rates and interest
refunds and interest rates on loans. Further, the Board
oversees the borrowing and investment of funds needed to
transact the business of your Credit Union.
Credit Committee
The Credit Committee has the final say on individual loan
applications, guided by regulations and policies of the
U. S. government and the Board of Directors.
Supervisory Committee
The Supervisory Committee protects the financial welfare
of our members by examining the Credit Union's books and
records. It oversees an annual audit and reports, as required,
to the Board and regulatory agencies.
Who Do You Serve?
Atlantic City Electric Company Employees Federal Credit
Union has served the employees of Atlantic City Electric
Company since it was founded in 1940, and it now also serves
the employees of 11 Common Bond companies. Our membership
is over 4,000 members.
Who Is Eligible To Join?
If you are an employee of The Atlantic City Electric Company,
an employee of any of the common bond companies in our Field
Of Membership, or a family member of an Atlantic City Electric
Company Employees Federal Credit Union member, you can join.
Joining is easy. If you are eligible, just open a Share
Savings Account which represents your "share"
in the credit union. Your $5.00 deposit in this account
begins your lifetime of credit union benefits.
Your membership is for life. Whether you move, change jobs,
retire, or marry, you are still a member with access to
all membership benefits and services. And as a member, you
can invite your relatives by birth or marriage, or members
of your household who share expenses, to join.
If you move or change your lifestyle, be sure to visit
your credit union to ensure that you continue to enjoy your
credit union's money-saving advantages.
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