Chiropractic Federal Credit Union

Your Money Matters!

Why you should belong!

I often get asked the question of what distinguishes CFCU from all other financial institutions. What a great question and opportunity for me to highlight what is wonderful about our credit union as well as the credit union industry.

There are many differences between a bank and a credit union. When an individual joins a credit union, they become an owner. The credit union employees work for you — to ensure you're satisfied. Their primary goal is to make certain all your needs are met, and they enjoy what they do. Employees get more satisfaction out of their work when everyone in the organization is on the same strategic path and we know the main focus is our members.

Credit unions are not for profit financial institutions. We were formed as a cooperative rather than a corporation and our business purpose includes paying higher dividends, charging lower rates on loans and charging less fees.

A survey from looked at 247 banks in 25 cities across the nation, and found that only 39 percent of banks today offer non-interest checking accounts free of charge on an individual basis, down from 45 percent of banks last year and 76 percent in 2009. Bank overdraft fees also continue to creep up, rising 1.4 percent from last year for an average cost of $31.26. When you see the direction these statistics are going, you know you can look forward to higher fees in the future.

The Michigan Credit Union League Association CEO David Adams pointed to the survey as more clear evidence of the credit union difference. "Our membership numbers continue to rise as more and more Michigan consumers recognize that they deserve better than this endless barrage of fees from big banks," Adams said. "Our message of lower fees and better rates at Michigan credit unions is one that resonates with consumers now more than ever." Also, funds on deposit with credit unions are insured up to $250,000. You've heard of the FDIC, which insures accounts at banks up to $250,000. The National Credit Union Share Insurance Fund (NCUSIF) insures all federal and most state credit union accounts up to $250,000. IRAs are insured separately up to $250,000.

Credit unions can help you make better financial choices. Whether it's buying a car, home, building an emergency fund, or planning retirement, you can turn to the credit union for honest facts to make wise decisions. Part of the credit union philosophy is ensuring that members understand financial options. It is our belief we can help you by analyzing the cost of financing. I always advise our members to compare and if it is a good option, we will tell you so. Unlike financial predators who try to dupe consumers into thinking there's only one choice, we will help you compare the gamut of choices available for a financial service. Our staff is trained to help members make informed decisions when comparing all of their options.

I know that Chiropractic Federal Credit Union is unique because our common bond for membership is for Chiropractors, family and staff. We have survived and thrived since 1950. Our credit union was founded by seven brave Chiropractors that invested their own money because they understood the significance of having a financial institution that supported their profession.

It is our goal to continue to have an active role in the chiropractic community. We are partners with the MAC and the MCA because in our viewpoint it is important to the chiropractic profession to have a strong state association. I would like to see every Chiropractor in Michigan and Minnesota join CFCU as well be a member of the MAC or the MCA. The cost of a doctor's annual dues to the MAC or the MCA is insignificant compared to the benefits they receive. Also, the savings that can be experienced at the credit union could help pay the MAC's or the MCA's annual dues.

Anne Blain, CEO of Chiropractic Federal Credit Union
If you have a financial question, please forward to: or contact us at 800.422.6424
Subject: "Your Money Matters"

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