What is the responsibility of the Board of Directors?
The credit union is chartered and insured by a division of the Federal government, The National Credit Union Association (NCUA), as a financial (banking) institution. Your 7 elected directors are charged by NCUA to see that the credit union stays a viable financial institution. They are required to make decisions as to the safety and soundness and long term future of the credit union. These decisions, as required by NCUA, are to be made in the best interest of the credit union and all its members and they are not to be influenced by any one, or group of members, therefore assuring their decisions are impartial and unbiased and based on sound financial decisions.
The credit union operates just like any other business. In order for the credit union to compete for your business it needs to be proactive in planning for the future. Your 7 elected board of directors have to plan 2, 3, 5 years out to see that the credit union maintains your financial security and offers the products and services you are anticipating. It is this planning, that the boards have made for over 70 years, which has provided management the ability to provide you with one of the finest credit unions in the country.
As with any other financial (banking) institution, the cost of doing business continues to increases and its members (customers) have more options as to where they can do their banking. By increasing the field of membership to select employee groups (SEG’s) the board can anticipate the growth of the credit union in order to maintain the level of service you have been accustomed to. As the board moves in this direction they realistically know that not everyone in these SEG’s will join the credit union. They are only offering them the option to join (for they have many choices) and take advantaged of our products and services therefore assisting in the cost benefits to all the members.
Credit union boards take their responsibility very seriously! Remember they are really no different than the board members of any other banking institution. In order to maintain the safety and soundness of their financial institutions, the National Credit Union Administration (NCUA) requires that these volunteer boards maintain a level of expertise within the banking industry. Annually to semi-annually they are required have planning meetings to discuss the future goals and objectives of their respective credit unions. They are encouraged to attend seminars and conferences throughout the country, to network with other boards and to take correspondence classes to become knowledgeable and or certified in credit union leadership and management.
All of the decisions, that the board of directors make, are given lot of thought, consideration and strategic analysis as to both the positive and adverse impact to the credit union. Their thoughts and desires are always in the best interest of all the members and their families, who count on the credit union to be their primary banking institution, not only now but far into the future.
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Who owns the credit union?
The credit union is owned and controlled by its share holders, members. The by-laws require that each share holder must maintain $5.00 within the credit union to be eligible to participate in the election of directors who are responsible for the overall direction of the credit union.
The credit union is not owned by any one individual or a group of individuals but by all the voting members.
In 1935 when the credit union was incorporated the original field of membership included, “any employee of the Miami Florida Fire Department; any member of his immediate family, and associations of such employees”.
Over the past 70 years the field of membership has been modified by the board of directors, with the approval of NCUA, to include; retires of the city of Miami Fire Department, Widows and Widowers of members, extended family members by blood and marriage. Employees of the Miami Firefighters Federal Credit Union, employees of the City of Miami Fire & Police Pension Fund and employees of the City of Key Biscayne. Fire department employees of; Coral Gables, Miami Beach, Palm Beach, Delray Beach and members of AFSCME 1907.
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Is a credit union a bank?
No. A credit union, like a bank, is a financial institution.
Your credit union, for example, is owned by you and thousands of other member-depositors. The people who work for the credit union are managed by a board of directors consisting of people just like you, fellow members, and, they serve on the board of directors and receive no pay for doing so. Finally, the biggest difference between your credit union and other financial institutions is that your credit union keeps the money it makes and passes it back to you in the form of higher earnings on savings, lower fees, and lower interest on loans. When the board of the credit union meets, their thoughts are in how much more can we give back to the members!
So, although many services offered by your credit union, such as checking, savings, credit cards and loans are also offered at other financial institutions, your credit union is unique among financial institutions, "Unique", because your credit union is where “people are worth more than money.”
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Credit unions are not-for-profit cooperatives.
Although credit unions are not-for-profit financial cooperatives, they do earn income. Credit unions distribute that income to their members in the form of higher interest payments on savings accounts, lower interest rates on loans and lower fees on services than are charged at other financial institutions. Credit unions do this because they are financial cooperatives that exist to benefit the members. Other financial institutions also earn income, but their income is often distributed solely to the stockholders of the institution. Customers of the financial institution do not generally share in the income distribution. Every credit union is structured this way to distribute its “dividends” to its members. It is what makes credit unions unique in the financial industry.
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What is Shared Branching?
Shared branching is a cooperative network of credit unions, of which we are a member, that have joined together and created shared service centers across the country. By sharing facilities, credit unions can offer greater convenience for members to access their accounts at many locations just as if they were at their home credit union.
Members can enter any shared service center and conduct a range of transaction services, such as:
Cash checks
Make deposits and withdrawals
Make loan payments
Make transfers between accounts
Purchase Money Orders, Travelers Checks and Official Checks
Obtain cash advances and balance inquiries
To take advantage of this service, when members enter a shared branch they only need to bring:
Their home credit union's name
Their account number
Valid Government-issued photo identification, i.e., State Driver’s license, US Passport
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Can I change my PIN number for my ATM/Debit card?
No, Our PINS are issued at random and are inbedded into the mag stripe of your card.
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How many days does it take for a payment to reach a payee?
Payments that are processed by check usually take 5 - 7 business days and payments that are processed by electronic payment usually take 3 business days. Please allow adequate time prior to your due date.
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I'm locked out of on-line banking. What do I do?
You may either e-mail us through Member Services or you may call the Credit Union. We will need to re-initialize your account. Once unlocked you will need your FIRELINE PIN number to obtain access again. We usually are able to unlock you right away however there are times when it may take 24 hours.
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What password is needed to enter on-line banking?
You will need to enter your account number (usually 8 digits) and your FIRELINE PIN number the first time (usually last 5 digits of your social) If you don't know your FIRELINE PIN, please call the Credit Union for assistance. Once in the system, you will create a new password. Please remember passwords are case sensative.
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What is my liability on the Visa ATM/Debit card (check card)?
Your liability is no different than that on your credit card providing you have taken ever measure to avoid any loss. For example.. not writing your PIN Number on the card and notifing security when it is lost or stolen promptly. Contact numbers for security are on our home page.
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Why does my Debit card work at some stores but not at others?
To the merchant your Debit card looks and acts like a credit card. When they swipe the card and ask you to make a choice "Debit or Credit you must choose "Credit" so that the card process like a credit card but debits your checking account. Reason...there are thousands of debit systems and we are not on all of them.
**Rule of thumb... If you are not using a ATM machine it is a "Credit" transacation.
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What are ACH's? How do they work?
Getting paid. Paying bills. Buying things. Writing checks. For the last 30 years, electronic payments have been simplifying these activities. Some of the most common types of electronic payments are processed through the Automated Clearing House (ACH) network, including Direct Deposit, Direct Payment, and check conversion www.mffcu.org
Go to http://www.electronicpayments.org for more information.
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