Bayridge Fed Credit Union

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The Story of our Credit Union 1934, during the Great Economic Depression, most people were struggling to find a better way of life. It was impossible for people of modest means to gain access to bank credit at that time: a time when access to credit was necessary for people to rise from the poverty of the Depression. To help people help themselves, the U.S.Congress passed a new law allowing groups of people to form not-for-profit cooperatives, called Credit Unions, to promote savings among themselves, and provide easier access to credit for the members of their group. That law was called the Federal Credit Union Act of 1934. A small group of immigrants started our credit union in 1934. Today, more than 70 years later, we serve the descendents and families of the original founders, together with thousands of new members who joined our credit union over the years. The money the members deposit to their federally insured savings accounts at the credit union is the source of our low rate loans. The earnings on those loans are distributed back to the savers in the form of higher dividends than paid by other federally insured financial institutions. Credit union deposits are insured up to $100,000 by the federal government and backed by the full faith of the United States Treasury. For more than 70 years we have continued to help people of modest means reach their financial goals with comfort and respect. Our members include working people, small business owners, drivers and owners of NYC Taxicabs and "Black Car" Limousines, government employees, health care workers, immigrant families, senior citizens, as well as professional people form many different fields. The credit union's affairs are under the overall direction of a Board of Directors elected by the membership. Directors are volunteers and serve without compensation. Several of our Directors are third generation descendents (grandchildren) of the original founders. They are individuals who are each experienced and