Membership With Sevier County Schools FCU

A credit union is a member-owned, non-profit cooperative. When you join you become a member and part owner. Satisfying the members is the credit union’s only goal. To encourage savings by offering competitive rates and use the collective funds of members to make loans at competitively low interest rates while offering better service is the credit union’s purpose As a credit union member, you truly are a part owner. You get to vote during the election of the Board of Directors, Credit Committee and Supervisory Committee members, who all serve as volunteers.

Members deposit money in their savings regularly. These savings provide a fund from which members may borrow for loans. From the interest earned on the loans, operating expenses and reserve funds are deducted; the remainder is paid back to the members as dividends. The safety and soundness is very important to the elected directors and committee members. The Tennessee Department of Financial Institutions and the National Credit Union Administration have strict regulations and provide thorough and regular audits. An independent outside audit is conducted annually and internal audits are performed regularly.

You may come by the office and complete the membership application. There is a one-time life-time membership fee of $1 and to keep your share account open you must maintain a $5 minimum balance. Employees of Sevier County Board Of Education Employees of the Sevier County Schools Credit Union Retirees from the Sevier County Board Of Education Members of the immediate families of credit union members (residing in the householdof member at the time of enrollment) Organizations of Sevier County Board Of Education Widows or widowers of credit union members who petition for membership within 6months of the death of their spouse.

All a member has to do to maintain a life-time membership is remain in good standing and keep five dollars ($5) in the savings account.