WELCOME TO HEMA FEDERAL CREDIT UNION...

2007 Annual Report

Our credit union is a cooperative financial institution, owned and controlled by the people who use its services. These people are our members. We serve groups that share something in common, such as where they work, live, or go to church. Our credit unions is not-for-profit, and exists to provide a safe, convenient place for our members to save money and to get loans at reasonable rates.

Credit unions, like other financial institutions, are closely regulated. And they operate in a very prudent manner. The National Credit Union Share Insurance Fund, administered by the National Credit Union Administration, an agency of the federal government, insures deposits of credit union members at more than 11,000 federal and state-chartered credit unions nationwide. Deposits are insured up to $100,000.

What makes our credit union different from a bank or savings & loan? Like our credit unions, these financial institutions accept deposits and make loans--but unlike us, they are in business to make a profit. Banks and savings & loans are owned by groups of stockholders whose interests include earning a healthy return on their investments.

What is a Credit Union?
Credit unions are member-owned not-for-profit financial cooperatives dedicated to improving members' lives. More than 86 million members own 9,000 U.S. credit unions. Any excess earnings that the credit union makes are returned to members in the form of better rates and services. Stockholders own banks. Banks make money for stockholders, not for members.

Credit unions are the only democratically controlled financial institutions in the U.S. You and other members elect a volunteer board of directors to oversee the credit union. The manager or president/chief executive office reports to this board. Bank directors, however, are paid and legally bound to make decisions that benefit stockholders, not members.

How can I join a credit union?
There are several ways to join a credit union. The most common is through your place of work. Over 80 percent of the credit unions in the United States serve members with an occupational common bond. Talk to your employer to find out if there is a credit union that serves your company or organization. There are also many church based and community credit unions for which you may be eligible.

Finally, most credit unions also offer family membership. If you are interested in finding a credit union you are eligible to join — try our credit union search page — MD and DC Credit Union Search. Or look up a credit union location in our Online Directory.
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