About Us
Contact Us | Locations | Rates and Fees
Roanoke Valley Credit Union exists for and because of our members. Our philosophy has always been to provide them with valuable financial services and great service. There is a value to credit union membership that can be shown in dollars and in peace of mind.
We have grown dramatically since our founding in 1947 as Roanoke City Teachers Federal Credit Union. In February of 2002, we began serving anyone who lives, works, worships, or goes to school in Roanoke City, Roanoke County, Vinton, Salem, and Botetourt.
Roanoke Valley Credit Union Mission Statement
Roanoke Valley CU, a member-owned, democratically controlled financial cooperative that exists "Not for Profit, not for Charity, but for Service," is committed to serve the financial needs of our membership. It is our responsibility to maximize the benefits to our members while maintaining financial stability.
Our Values
Members - The only reason we exist. We are dedicated to providing courteous, professional, prompt service and will strive to better understand and satisfy the changing needs of our members. We must create member loyalty and respect.
Employees - Provide job satisfaction and career enhancement opportunities for our employees. Our employees deserve a challenging, enjoyable, and stable work environment. Together, we must develop mutual respect, trust, and commitment.
Community - As partners with our community, we must work for the common good of our people and environment and to provide equal employment opportunities.
Board of Directors and Management
| Board Volunteers | Management |
Rickie Sykes Todd Ayers Eric Mills Betty Massey Mary Jane Barrett |
Woody Windley Pam Duke Coni Adams Scott Ruhlman Ann Butcher |
Frequently Asked Questions about Credit Unions
How did credit unions begin?
The first credit union was formed in Germany in the mid 1800s during a terrible depression. Poor farmers began to pool their money to escape the outrageous fees of the local money lenders. The lenders' interest rates were financially crippling and these new credit unions offered relief.
The idea of credit unions soon spread to other parts of the world. In 1900 the first credit union was organized in Canada. Nine years later, the first U. S. credit union opened in New Hampshire. With the passage of the initial federal credit union law in 1934, credit unions were soon organized in all parts of the country.
From the beginning, credit unions demonstrated that ordinary people could organize cooperatively to provide for their own financial security. The same holds true today.
What exactly are credit unions?
Credit unions are non-profit financial cooperatives run by the people who belong to them. This means several things:
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Being a financial cooperative means that the members pool their savings and lend to each other.
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Credit unions are owned and operated by their members. Every credit union is democratically controlled and each member has voting rights.
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Credit unions are also non-profit. Since all credit unions are member owned, there are no outside shareholders. Earnings are returned to members in the form of dividends, lower loan rates, and fewer fees.
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Credit unions are volunteer driven. The credit union’s Board of Directors and its committees are made up of volunteers who work unpaid for the benefit of the members.
How are credit unions different from banks?
Credit Unions |
Banks |
|
|---|---|---|
Philosophy |
Democratic, member owned, non-profit |
Generate profit for outside shareholders |
Directors |
Unpaid, volunteer, elected by members |
Paid, elected by shareholders only |
Typical Services |
Consumer services: savings, checking, loans |
Consumer and commercial loans, savings, checking, and corporate trusts |
Rates and Fees |
Typically higher dividends on savings, lower loan interest rates, fewer fees |
Must often raise fees and lower deposit rates to generate profit |
Safety |
Deposits insured by the NCUSIF up to $250,000 |
Deposits insured by the FDIC up to $250,000 |
