Credit Union Profile
Established by educators in 1947 as Amherst Teacher’s Federal Credit Union, membership was comprised of employees from our original 46 sponsor groups and their families. For a list of original sponsors, click here. With the addition of new, non-education based sponsor groups in 2003, Amherst Teacher’s FCU modified its name to what we continue as today; Amherst Federal Credit Union.
Like all Credit Unions, Amherst FCU is wholly owned by its members. As owners, these shareholders (members) receive earnings as higher dividends on savings, lower interest rates on loans, fewer and lower fees and full commitment from management and staff to confidential personalized services. Other earnings are set aside as reserves. The National Credit Union Administration (NCUA) federally insures our credit union and each member’s deposits are backed by the full faith and credit of the United States Government to $250,000.
In 2012, the National Association of Credit Unions approved Amherst FCU’s request for a community charter. The charter allows AFCU to open membership to persons who live, work, worship, attend school in, and businesses and other legal entities located in the Towns of Amherst, Cheektowaga, West Seneca or the Village of Depew in Erie County, NY and their families.
The credit union provides a place for members to save and to borrow at attractive rates, where service is our main business. We’re also a good source of financial advice and direction, where the convenience of payroll deduction and direct deposit for loans and savings is easy to manage. Amherst FCU helps its members obtain low cost, reliable service with personalized attention to the financial needs of every member.
It is the mission of Amherst Federal Credit Union to provide its member owners with personal service, consumer education, and competitive financial rates while remaining fiscally sound and secure.