In 1954, exhausted by the lack of services and attention received by the local banks, a small group of educators from Bethlehem, Guilderland, North and South Colonie schools came together to organize the First Supervisory District Federal Credit Union. The idea was to have a financial institution that would provide the services and rates that were best for them.
In its humble beginning the credit union operated from the Treasurer's kitchen. Services included loans and savings accounts up to $2,000. Many of those who worked so hard for the credit union then are still part of it today.
Over the fifty years the credit union has undergone many changes. Our name became School Systems FCU, we merged with Sandkill FCU, moved and added locations, many new services and faces. In addition to the over 40 member schools and groups, the credit union is now a community charter serving Albany and Rensselaer counties. Through all the growth and transformation we still hold on to the ideals and reasons why we were formed, "not-for-profit, not-for-charity, but-for-service".
Definition of a Credit Union
A credit union is a group of people who are linked by a common bond, pool savings and lend their money to each other at low interest rates. Each member is considered a part-owner of the credit union, and as such is entitled to one vote. At the annual meeting, each member may cast his or her vote toward the election of a volunteer Board of Directors who serve with the membership's best interests in mind.
Our Unique Financial Family
School Systems FCU is a unique, not-for-profit, member-owned financial institution. Unlike other financial institutions that are strictly profit-driven, we return excess earnings to our members in the form of personal and friendly service, lower interest rates on loans, higher yields on savings and investment accounts, and improved products and services.
You Are a Member Not Just a Customer
Unlike other financial institutions where you are just another number, at School Systems FCU we value your decision to conduct your financial business with our institution. We look to build lasting relationships with our members who count on us to meet their financial needs through customized products and services.