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Perhaps you are already a member of the Rohm and Haas Employees Federal Credit Union and need some specific information on rates or rules. Maybe you’re an eligible employee or contractor who’s heard of the Credit Union but doesn’t know that much about us. The questions and answers below give a brief overview of RHCU and its activities.
What Is A Credit Union?
A credit union is a nonprofit, cooperative financial institution owned and run by its members. Credit unions are built on the most democratic of impulses – volunteerism, one-member-one-vote in all matters, and a member-elected board of directors.
Organized to serve, credit unions provide their members with a safe place to save and borrow at reasonable rates. Members pool their funds to make loans to one-another. The volunteer board that runs each credit union is elected by the members. Not for profit, not for charity, but for service is a credit union motto.
How Long Have Credit Unions Been Around?
Financial co-operatives appeared in the early 1800s in Europe and about a hundred years later in America. But credit unions really became popular here during the Great Depression (1929-1941) as an alternative to more traditional sources of credit such as commercial banks. Initially, credit unions were created to provide low-interest loans for their members. The pooled financial resources of the credit unions made it possible for more low income earners to own their
own homes.
Since then, political, social and economic conditions have changed dramatically, and credit unions have evolved in response to these transformations. Today, credit unions are a place to save as well as a place to borrow.
Credit union membership has grown steadily throughout the years and today there are over 10,000 credit unions with over $480 billion in assets serving more than 79 million people in the United States.
What are the benefits of joining the Rohm and Haas Employees Federal Credit Union, and what can it do for me?
The RHCU can make it more convenient and more economical for you to perform many financial tasks. Since the Credit Union is member operated, first rate service and concern for each individual’s needs are assured.
The Credit Union provides its members with opportunities to save money (through Share Savings Accounts, Certificates of Deposit, IRAs, and Christmas and Vacation Clubs) and to borrow money (through secured and unsecured loans for a variety of needs). In addition, RHCU offers on-line banking, checking services, credit cards, ATM/Debit cards and other financially related services accessible through this site.
Who is eligible to join the Credit Union?
Membership in the Credit Union is open to Rohm and Haas employees and contractors (who have a contract of one year or longer) at the Home Office, Spring House, and Philadelphia Plant; employees of R&H wholly owned subsidiaries not already covered by another Credit Union; and family members of the above.
How do I join the Credit Union?
Obtain a membership application from your local Credit Union representative, complete the form, and submit it to the Credit Union with a deposit of at least $25.00 to a Share Account. Your membership begins as soon as your application is processed.
Where Can I Find RHCU Offices?
Our office and hours are as follows –
* Home Office – 10:00 AM to 4:30 PM
* Spring House – 7:30 AM to 3:30 PM
* Philadelphia Plant – 12:00 PM to 4:00 PM (Friday only)
What is the relationship between the Credit Union and Rohm and Haas?
There is no direct connection between the management of the Rohm and Haas Company and the Rohm and Haas Employees Federal Credit Union. To paraphrase Abe Lincoln, the Credit Union is “an organization of Rohm and Haas employees by Rohm and Haas employees for Rohm and Haas employees.” The Company has no funds on deposit with the Credit Union, and it does not direct the Credit Union's operations.
Why is it called a “Federal” Credit Union?
The Rohm and Haas Federal Employees Credit Union is supervised and insured by the National Credit Union Administration (NCUA). And the National Credit Union Administration (NCUA) is an independent agency of the United States Government. The NCUA regulates, charters, and insures the nation's federal credit unions. In addition, NCUA insures state-chartered credit unions that desire and qualify for federal insurance. In some states, state-chartered credit unions are required by state law to be federally insured.
Will My Money Be Insured?
The shares in your credit union are insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of NCUA. Established by Congress in 1970 to insure member share accounts at federally insured credit unions, the NCUSIF is managed by NCUA under the direction of the three-person NCUA Board. Your share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC).
Here are some important facts to remember about your share insurance:
Not one penny of insured savings has ever been lost by a member of a federally insured credit union. The NCUSIF has several programs to help insured credit unions that may be experiencing problems, and liquidations or failures are usually done only as a last resort. If a federally insured credit union does fail, however, the NCUSIF will make any necessary payouts to the credit union’s members. These payouts are usually done within two days from the time the credit union closes its doors.
As a member of an insured credit union, you do not pay directly for your share insurance protection. Your credit union pays into the NCUSIF a deposit, and an insurance assessment, based on the total amount of insured shares and deposits in the credit union. All federal credit unions must be insured by NCUSIF, and no credit union may terminate its federal insurance without first notifying its members.
For more information on RHCU and its operations, contact Manager Jack DeWaele or members of his staff at (215) 641-7920 or (215) 592-2737.
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