RVCU
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.
A group of Roanoke City School employees pooled their
funds and formed the Roanoke City Teachers Federal Credit Union.
1956
The credit union moved from Lee Junior to Lee Junior
Annex.
1956
The first new field of membership was added – Hollins
University.
1964
The credit union moved into it’s own building at 365 Day
Avenue.
1970
Botetourt County Schools were admitted to membership.
1971
Assets first exceeded $1,000,000.
1972
City of Roanoke employees were admitted to membership.
1981
Share certificates were offered for the first time.
1982
The summer pay program was established with Roanoke City
Schools.
1985
Assets exceeded $5,000,000.
1985
Share drafts (checking) were first offered.
1988
Roanoke City Teachers Credit Union became Roanoke Valley
Federal Credit Union.
1992
The credit union moved to a new office located at 723 5th
Street.
1997
The first two $500 scholarships were awarded to a member
or a child of a member furthering their education.
1998
The Safari Club for children was initiated.
2000
Two new RVCU ATM’s were installed, one in the Roanoke
City Municipal Building, the other in the Roanoke Higher Education Center.
2000
The Teen Scene Savings Club and Club 55 were launched.
2001
Money Market Accounts were introduced.
2001
One of the $500 annual scholarships was changed to the
$1,000 Tom Gagnet Educational Scholarship.
2001
A
full-service drive-thru ATM was added at the office location.
2001
Assets
exceeded $20,000,000.
2002
A community
charter is obtained allowing RVCU to serve anyone who lives, works,
worships, or attends school in Roanoke City, Roanoke County (including the
Town of Vinton), Botetourt County, and the City of Salem.
2003
Online
access through eValley and Check Free Online Bill Pay were added to
RVCU's services.
2003
Free
access to ATM's in the Roanoke Valley was made available to members
with the RVCU Visa Check Card and ATM Card.
2004
The credit
union logo was changed to reflect new growth and possibilities.
A Brief
History of Credit Unions... The first credit union was formed in Germany
in the mid 1800’s, during a terrible depression. Poor farmers got together to
pool their money to escape from outrageous fees of the local money lenders.
Their interest rates were financially crippling and credit unions offered
relief.
The idea of credit unions soon spread to other parts of the
world, and 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 have 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:
Being a financial cooperative means
that the members pool their savings and lend to each other.
Credit
unions are owned and operated by their members. Every credit union is
democratically controlled and each member has voting rights.
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, fewer fees, and better service.
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? A credit union is an institution where people can conduct their
financial transactions, but it is not a bank. It’s important to
understand the differences.
Feature
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
Services
Consumer services: savings, checking, loans
Consumer and commercial loans, savings, checking, and corporate trusts
Rates/Fees
Typically higher dividends on savings, lower loan interest rates, fewer
fees
