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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 52 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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