|
|
 |
| Credit unions are not-for-profit financial cooperatives serving members who share something in common-employment, association membership, or residence in a particular geographic area. More than 70 million U.S. consumers are member-owners of, and receive all or part of their financial services from, the nation's 12,047 credit unions.
Philosophy & Structure
Credit unions are democratically owned and controlled institutions based on 'people helping people' principles. Credit union boards of directors are elected by members; each member has an equal vote, regardless of how much he or she has on deposit. Only members may serve as directors, and directors serve without compensation. Credit unions have no outside stockholders, so after reserves are set aside, earnings are returned to members in the form of higher dividends on savings, lower loan rates and lower cost services.
Message from the President
Let your credit union help you make your financial experience a positive one. Let us teach your teenager about the responsible use of money, their financial future starts with you. Let Automotive Aftermarket Employee Federal Credit Union help put you and your family on the road to financial success.
Return to Top |
| Automotive Aftermarket Employee Federal Credit Union was federally chartered in 1975 to all companies and their employees who are members of the following associations: See Affiliated Companies
Safety and Soundness
Credit unions primarily engage in consumer loans and residential real estate lending to their members. Credit union performance is at a historically high level. Currently, credit union capital nationwide is 10.28% and the equity ratio of the federal insurance fund, the National Credit Union Share Insurance Fund (NCUSIF), has operated above 1.25% for 11 consecutive years.
Regulation and Supervision
Automotive Aftermarket Employee Federal Credit Union was chartered under federal law. Federally chartered credit unions are regulated by the National Credit Union Administration (NCUA), an independent agency of the U.S. Government. NCUA's three board members are nominated by the President and confirmed by the Senate.
State chartered credit unions are regulated by their state credit union department. NCUA administers the federal insurance fund,NCUSIF, which covers all federal credit unions, and most state chartered credit unions. No taxpayer money is used for regulating and overseeing federal credit unions, as all activities of NCUA and the NCUSIF are funded by credit unions.
Return to Top |
The mission of the Automotive Aftermarket Employee Federal Credit Union is to provide and promote the use of a variety of financial services which feature particular benefits and advantages over those generally available from other banking sources, with specific intent of helping underserved members of the automotive aftermarket gain some particular measure of personal financial success.
Legislative Update
When legislation or bankers' lawsuits attack any credit union, it's an attack on all credit unions. Your Credit Union proudly protects members' right to join and participate in their not-for-profit financial cooperative.
Benefits of Membership
Founded on the basic democratic premise of the cooperative movement, credit unions believe that access to low-cost financial services is critical to the health and stability of ordinary citizens.
Return to Top |
| Chesapeake Automotive Business Association, Inc.
Automotive Aftermarket Assn. of the Carolinas and Tennesee
Virginia Automotive Parts & Service Association
Return to Top | |
