myVU - Resources for Faculty and Staff

Credit Union marks half-century of service

Posted 3/3/2010

Fifty years ago, the Vanderbilt University Employees’ Credit Union opened its doors with a handful of members and a 25-cent membership fee.

In 2010, the institution manages $21 million in assets for 6,500 Vanderbilt employees. It offers competitive interest rates on savings accounts, low-interest loans, free checking accounts, free electronic banking, free personal finance consultations, a new crop of no-fee ATM machines, and more.

And the membership fee today? Still just 25 cents.

This constant is just one aspect that reflects the institution’s vision of “people helping people,” according to CEO Michael Bittle.

“It’s more than just a tag line to us,” Bittle said. “We are high-tech, but we are also high-touch. That’s really what we’re all about.”

Although the credit union offers nearly every service and product associated with a traditional bank – including traveler’s checks, Visa debit cards, money orders and cashier’s checks – there is a key difference. The credit union is a nonprofit financial cooperative governed by a volunteer board, so when a Vanderbilt faculty or staff member becomes a member, they become an owner with a voice in how the organization is run.

The most visible benefit of this business model is that members don’t have to worry about a lot of fees.

To read the rest of this story, go here

Contact: Joan Brasher, 615) 343-3211
joan.brasher@vanderbilt.edu

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