Teachers Federal Credit Union
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Teachers Federal Credit Union, abbreviated as Teachers, is a not-for-profit credit union based in Hauppauge, NY. As of May 2022, the organization has over 8.8 billion in assets, and more than 400,000 members.[1] Regulated under the authority of the National Credit Union Administration (NCUA), Teachers is one of three credit unions in the United States with a national charter, allowing membership to be extended to anyone who lives in the United States of America.[2]
Locations[edit]
Teachers has representatives and officers working across 50 states, and 32 physical locations across Long Island, Queens, and Manhattan. Branch locations include the Brookhaven National Lab, Briarwood, Central Islip, East Meadow, Holbrook, Huntington, Manorville, Port Jefferson Station, Riverhead, Riverside, Shirley, Smithtown, Stony Brook, and Woodside. Teachers also operates a call center out of its Hauppauge headquarters.[3]
Teachers is a part of the AllPoint ATM share system allowing members to access over 55,000 surcharge free ATMs across the country. Teachers is also part of the CO-OP shared branch system meaning members can access their funds and perform transactions at other credit union branches across the United States.[4]
History[edit]
Teachers Federal Credit Union was established in 1952 by a group of educators in Brightwaters, NY. specifically for teachers and others working in education. Significant milestones include the following:
- In 1979, credit cards became available.
- In 1980, student loan program was introduced.
- In 1981, merger with SUNY Credit Union and Farmingville headquarters opened.
- In 1995, surpasses $500 Million in total assets.
- In 1997, website was launched and online banking was introduced.
- In 2000, debit cards became available.
- In 2001, surpasses $1 billion in total assets.
- In 2010, reaches $4 billion in total assets.
- In 2011, Hauppauge headquarters and branch opened.
- In 2012, mobile banking app became available.
- In 2018, TFCU acquired Melrose and LOMTO credit unions and obtained open charter.[5]
- In 2019, Brad C. Calhoun becomes President and CEO.[6]
- In 2019, Teachers became the official credit union of St. John’s University Athletics.
- In 2020, adopts new "Teachers" and "Smart for all" branding.
Mergers and acquisitions[edit]
In 2018, Teachers acquired LOMTO and Melrose credit unions, expanding its growth to 320,000 members.[7] With these acquisitions, Teachers became the second credit union in the U.S. with an open charter, allowing it to expand nationally and accept members regardless of location, occupation or group affiliation.[8]
Services[edit]
Teachers Federal Credit Union offers financial services, including savings accounts, checking accounts, personal lending (student loans, vehicle loans, personal loans), debit cards, IRA accounts, mortgages, home equity lines of credit, certificates, and commercial banking services.[9] Teachers is also partnered with other financial and loan services such as Splash and Happy Money.[10]
Teachers Investment Services provides assistance with financial asset management, investment planning, life insurance, mutual funds, annuities and IRAs.
Teachers has branches in 32 states, 5,400 Credit Union Service Centers nationwide, and 55,000 Allpoint surcharge-free ATMs worldwide.
Community involvement[edit]
Teachers has a long history of community involvement in the New York areas it serves. Organizations that receive support from Teachers include Habitat for Humanity,[11] Island Harvest,[12] Children’s Miracle Network Hospitals, Make-A-Wish, St. Jude Children’s Research Hospital,[13] ALS Association, Family Service League, and more. Teachers has been the Official Credit Union of St. John's University Athletics since 2019.[14]
References[edit]
- ↑ "About | Teachers Federal Credit Union". www.teachersfcu.org. Retrieved 2022-05-27.
- ↑ "Teachers Federal Credit Union Review: Low Minimums and Wide Range of Accounts". GOBankingRates. 2021-02-03. Retrieved 2022-05-27.
- ↑ "Branch Locations | Teachers Federal Credit Union". www.teachersfcu.org. Retrieved 2022-05-27.
- ↑ "Co-op Shared Branch Networks for Credit Unions | Co-op Solutions". www.co-opfs.org. Retrieved 2022-05-27.
- ↑ Press, Long Island (2018-10-01). "Teachers Federal Credit Union Acquires LOMTO FCU". LI Press. Retrieved 2022-05-27.
- ↑ Starzee, Bernadette (2019-05-29). "TFCU announces new president | Long Island Business News". Retrieved 2022-05-27.
- ↑ "Melrose Credit Union Closes; Teachers Federal Credit Union Assumes Members, Shares, and Some Loans and Other Assets". National Credit Union Administration. 2018-08-31. Retrieved 2022-02-08.
- ↑ November 23, Peter Strozniak |; PM, 2020 at 03:06. "Teachers FCU Rebrands, Is Set to Expand". Credit Union Times. Retrieved 2022-02-08.
- ↑ "Top 100 Banks Leading the US in 2022". GOBankingRates. 2021-01-12. Retrieved 2022-05-27.
- ↑ "Happy Money® and Teachers Federal Credit Union Start Strategic Partnership". www.businesswire.com. 2020-02-25. Retrieved 2022-05-27.
- ↑ "LEADERSHIP: TFCU CEO Helped Build the 200th Home for Habitat for Humanity on Long Island, NY | Credit Union Business Magazine". Retrieved 2022-05-27.
- ↑ "Teachers Federal Credit Union Announces Island Harvest Healthy Harvest Farm Sponsorship". Long Island Media Group. 2021-06-23. Retrieved 2022-05-27.
- ↑ "Teachers Federal Credit Union launches $50K Season of Giving campaign • The Long Island Times". The Long Island Times. 2021-12-01. Retrieved 2022-05-27.
- ↑ "Teachers Federal Credit Union partners with St. John's University Athletics, reaffirming its commitment to financial wellness in the community". CUInsight. Retrieved 2022-05-27.
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