Julie Shepherd

Mission Statement: Sacramento Credit Union's mission is to provide prompt, competitive, quality consumer financial services to our members in a friendly, professional, and prudent manner. What is a Credit Union? The credit union concept originated in Germany in 1849 when a group of townspeople pooled their funds to save their village from financial ruin. Edward Filene, known as "the Father of the Credit Union Movement," formed the first credit union in the United States in 1908 in New Hampshire. The idea gained popularity rapidly all across the nation, and in 1934 the Federal Credit Union Act was created, enabling credit unions to incorporate under a federal charter. Credit unions are owned and operated by their members, making them very different from other financial institutions. Typically formed by people who have something in common, such as general employment, credit unions serve as a source for saving and borrowing money. Here's how it works -- members deposit their money into various savings and investment accounts. The money in those accounts is then loaned to other members who pay it back with interest. That income pays for the credit union's operating expenses and reserve requirements, and the rest is returned to members in the form of dividends (interest on deposits) and other services. "Not for profit. Not for charity. But for service." The credit union slogan says it all -- credit unions are not in it for the money; they exist for the sole purpose of serving their membership. That means higher dividends on savings and lower interest rates on loans. There is no select group of shareholders, so all of its members profit.