About Us

Altoona Regional Health System Federal Credit Union

Facts about federal credit union membership

An Interview with Carol Ann Stevens, manager, Altoona Regional Health System Federal Credit Union

Q: What is the Altoona Regional Health System Federal Credit Union?

Carol: Your credit union is a not-for-profit financial institution owned by credit union members. Credit Unions are not a business but a member corporation set up and chartered by law as a savings and borrowing service for our members. I refer to the credit union as “your credit union” because you, the members, own it. There are no stockholders, so the members receive all earnings. That is why returns (interest) on your savings are usually higher than other financial institutions.

Q: Does the credit union have a board of directors?

Carol: Yes, your credit union has a nine-member board elected by members. In addition, your elected directors and committee members work without pay, on their own time, to provide the best benefits possible. Only office employees receive pay.

Q: What is the relationship between Altoona Regional and the credit union?

Carol: Your credit union is a separate entity with no connection to the health system other than occupying office space. The credit union’s computer system is separate from the health system's, sharing no information, to ensure privacy.

Q: What is the purpose of the Credit Union?

Carol: The primary purpose in furthering our goal of service is to encourage members to save money. Another purpose is to offer loans to members. Credit Unions can charge lower interest rates because they are non-profit. Rather than paying profits to stockholders, credit unions return earnings to members in dividends or improved services.

Q: Are members savings insured?

Carol: Yes. All savings accounts are insured up to $250,000 by the National Credit Union Administration, an agency of the federal government.

As previously printed in the November 13, 2008 Altoona Regional Health System Spotlight

The Credit Union difference is the volunteers who offer their time and talent to assure the success of our people-helping-people business. Your Credit Union benefits from volunteers having experience, background, and diversity reflecting the whole membership. Volunteer skills also contribute to the traditionally low operating costs of your Credit Union, compared with banks and other for-profit financial institutions.

The Board of Directors of our Credit Union serve without pay. These dedicated volunteers bring decades of personal and professional experience to their deliberations in the policy-making body of the Credit Union--experience that often is beyond monetary price.

The same is true of the many members who serve on our Committees controlling the Records and Safeguards, Credit Policies, Personnel and other important facets of the Credit Union’s Operation.

Credit Union Volunteers prove in practice the credit union principle that by working together, people can achieve a better way of life for all.

Your Credit Union offers many services identical to other financial institutions - but with a big difference - YOU.

Credit Union Products and Services exist solely for you, the member-owner.

a convenient, safe place to save
a reasonable, affordable resource for loans
a friendly, cooperative source for other needed financial services

Our Credit Union is unique because of YOU!!