June 1, 2016

The new ELCA Federal Credit Union is opening for business!

After years of planning, the ELCA Federal Credit Union is opening on June 6 to serve ELCA members, congregations and ministries—and their employees—with an array of financial services products.

All it takes to become a member of the ELCA Federal Credit Union is opening a savings account with a $25 deposit. This account is your ticket to the wide variety of credit union products and services, including:
• Savings accounts
• Checking accounts
• Certificates of deposit
• Auto loans
• Personal loans
• Credit and debit cards
• Free ATM access through a worldwide network
• Insured deposits up to $250,000

To assure maximum convenience for its members, the ELCA Federal Credit Union will offer online banking, online bill payment, a mobile app, direct deposit, and person-to-person fund transfers.

Creation of this ELCA-sponsored credit union supports the ELCA’s mission to promote wise stewardship of members’ and congregations’ financial resources. “As a not-for-profit financial cooperative, the credit union will exist to serve its members—not to make a profit. That means that earnings will be returned to members through more competitive rates on deposits and loans, fewer fees and enhanced services,” says Luis Reyes, the credit union’s Chief Operations Officer.

“While the ELCA Federal Credit Union is a separate entity from the ELCA churchwide organization, the credit union will operate with the church’s mission and values in mind,” says the Rev. Arnold Pierson, President of the ELCA Federal Credit Union. “When you choose to participate in the ELCA Federal Credit Union, you will work with a financial institution that is rooted in your faith community. This is a socially responsible way to do your banking.”

The Mission Investment Fund welcomes this new financial ministry to the ELCA. The new credit union complements and augments the products and services MIF provides to its customers, and the credit union places a special focus on the individual members of the ELCA.

Learn more, and become a member of the ELCA Federal Credit Union by visiting the credit union website, elcafcu.org.