Greenwich Municipal Employees Federal Credit Union Information

Greenwich Municipal Employees Federal Credit Union is a full service financial cooperative, owned by its members and operated for their benefit. Upon joining, you become a member and a part owner. This entitles you and your family members to a lifetime of high quality, low cost financial services. And because we are not for profit, all revenue gains realized by the Credit Union are reinvested back to you, our member, in the form of lower loan rates and higher investment returns. How Does It Work? The Credit Union is owned mutually by its members, who save together and make loans to one another from the accumulated funds. The objective of the Credit Union is to help members manage their money by offering a place to save, by encouraging the intelligent use of credit, and by making available other financial services. Each member's savings are called "shares" in the Credit Union. Shares earn interest called "dividends. Individual share accounts are pooled and the money is distributed to members as loans. Some money is invested in areas permitted by the NCUA. From interest earned on loans and investments, the Credit Union pays its expenses and sets aside a reserve. The remaining income, called "available earnings," pays the dividend on savings-at a rate that is often higher than what other financial institutions offer.