Spotlight on Corporate America Family Credit Union (CAFCU)
Financial support is important to any business and it's employees. Corporate America Family Credit Union wants to help your employees improve their financial stability. Learn more about the company and what makes it stand out in this week’s Small Business Spotlight.
The Streamwood Chamber of Commerce spotlight shines on Corporate American Family Credit Union (CAFCU) this month as one of our newest business members. CAFCU started in 1939 when 15 employees of Automatic Electric Co. made a deposit of $5 each into the newly founded Automatic Credit Union to assist their coworker who had been denied a loan from a bank. Since then, the credit union has evolved in name, membership base and charter to bring us to where we are today serving tens of thousands of individuals across the country.
This month, Sandy Schneider, Branch Manager, Streamwood gives us an inside look into CAFCU. Sandy has worked in the credit union industry for 33 years, loving every minute of it! She has a business degree from Judson University, Elgin, IL.
At Corporate America Family Credit Union (CAFCU), we offer simplified traditional banking services, because managing money should be as easy as possible. We partner with organizations all across the nation to provide their employees with our free financial wellness program as part of their benefits package. In doing so we help employees improve their daily financial stability and make the most of their paychecks. We are also open to the community as well so anyone is welcome to come join and see what tools we have to enable their success.
Our members select us over other financial institutions because we have less fees and competitive rates. As a not for profit, any money we make goes back into our products so we can offer better savings and better loan rates to make sure our members are getting the most for their money. Our members also select us because our offerings are straightforward. For our traditional savings and checking accounts for example, there is no monthly fee and the minimum balance of our savings account is only $25 dollars. Even then, if the member decides to enroll in e-statements, the minimum balance goes down to just $5. There are no other requirements that must be met. No direct deposit requirement. No other products needed to waive anything. It’s just the members managing their money.
A major challenge facing our business, is remaining relevant in an industry dominated by large national institutions, regional institutions, and impacted by the FinTech banking disruptors. At the same time, there are a lot of consumers who still do not know what credit unions are or what we do. So, one of my most important responsibilities as a Branch Manager is my community outreach efforts. On a daily basis; I am contacting local business about introducing the benefits of offering CAFCU’s products and services to their employees, I am constantly seeking new ways to engage the community and educate them on the benefits of CAFCU membership, and I am ensuring my staff and I are serving the needs of our members with a smile.
Corporate America Family Credit Union:
Our Purpose: To serve people.
Our Vision: To make a meaningful difference in the financial lives of our members.
Our Mission: Corporate America Family Credit Union is a not-for-profit, member-owned and directed financial cooperative dedicated to being the primary financial institution of its members.
The Streamwood Chamber knows it's important to get the word out about our members. We plan to do a monthly Spotlight, highlighting what makes Streamwood businesses so special. If you are interested in being highlighted, please let us know and someone will contact you.