On March 7, 1935, twelve federal government workers combined all their resources together to form what would become one of the first credit unions in San Antonio, the National Federation of Federal Employees Local NO. 28. Thirty-seven loans were served to the union members, earning the union $42.84 during the first year. A year later, the union grew to 98 members.
The period of the World War II was a rather difficult time for credit unions, with most of them unable to declare dividends, but thankfully, Local No. 28 did not suffer the same fate as the others. Even during those belt-tightening times, the union was able to declare a 3% dividend.
The membership of the credit union grew even further in 1949 with federal workers who were not members of the Local No. 28 deciding to join, too. Thus, the name was changed to Government Employees Credit Union or GECU. More than a decade later, specifically in 1962, the union already had 4,500 members and by the end of that decade, acquired $24
million worth of assets, making it the 12th largest financial institution in the entire San Antonio. GECU continued to acquire members and assets so that by 1974, it already reached the $100 million mark in assets.
The nation experienced more tough times financially during the 1980s, but GECU did not stop its operation. It went on to provide a wide range of products and services to its members for them to cope with the situation. In 1987, the name GECU was changed to San Antonio Credit Union or SACU, and when it was chartered a couple of years later, it became San Antonio Federal Credit Union.
You have to be a son or daughter, sibling, child, spouse, grandparent or grandchild of an SACU member for you to be eligible to become an SACU member yourself. You also have to live in San Antonio or Houston. Retired persons and those who work full time, part-time or those who offer voluntary services in companies that sponsor SACU membership, as well as students who are enrolled in post-secondary educational institutions are also qualified.
There are several types of accounts that you can open once you become a union member of the SAFCU. One is the Share Savings Account that requires only $5 minimum deposit to open and which entitles you to dividend share quarterly if you meet the minimum daily balance of $100. There is also another account for those under the age of 21. This special account also requires $5 minimum deposit but dividends can be paid quarterly even if you only have at least $5 daily balance. The Free Checking Account has no monthly service fee and no minimum balance required, but needs $25 to open. This account, though, is non-dividend bearing. The Works Checking Account entitles you to dividends monthly if your daily balance is at least $500. The Gateway Checking Account requires $2,500 minimum deposit and enables you unlimited check writing privileges.
There are a host of many others, including a wide range of loan packages, credit cards, and investment options and the best thing to do is to check all these in the company website and see which one suits your financial needs best.
Find detailed consumer information for SAN ANTONIO Federal Credit Union