Credit unions have long been known as a great alternative to traditional banks. They typically offer lower fees and interest rates, along with personalized customer service. One such credit union is First Resource Credit Union. In this article, we’ll dive deep into what First Resource Credit Union is, its history, membership requirements, services and more.
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What is First Resource Credit Union?
First Resource Credit Union is a non-profit financial cooperative that provides its members with various financial products and services. The credit union is based in St. Louis, Missouri, and has been serving the local community for over 80 years. It was originally chartered in 1936 as the Monsanto Employees Credit Union and has since undergone a few name changes. In 1995, it changed its name to First Resource Credit Union to reflect its commitment to being the first and best resource for its members’ financial needs.
Membership Requirements
First Resource Credit Union is a member-owned financial institution. To become a member, you must be an employee of one of the credit union’s select employer groups (SEGs). If your employer is not currently a SEG, you can contact the credit union to see if your employer is eligible to join. Additionally, members of immediate family or household of current First Resource Credit Union members are also eligible for membership.
Services Offered
First Resource Credit Union offers a wide range of financial products and services. Here’s a breakdown of some of the most popular services:
Checking Accounts: First Resource Credit Union offers several types of checking accounts, including free checking and interest-bearing checking accounts. Members can also order checks online or in person.
Savings Accounts: Members can choose from several savings account options, including regular savings, money market accounts, and share certificates. All savings accounts offer competitive interest rates and no monthly fees.
Loans: First Resource Credit Union offers a variety of loans, including personal loans, vehicle loans, and home equity loans. Members can apply for loans online, by phone, or in person.
Credit Cards: First Resource Credit Union offers two types of credit cards – a low-rate card and a rewards card. The rewards card allows members to earn points that can be redeemed for travel, merchandise, or cash back.
Online Banking: Members can access their accounts 24/7 with First Resource Credit Union’s online banking platform. They can view account balances, transfer funds, pay bills, and more.
Mobile Banking: First Resource Credit Union’s mobile banking app allows members to manage their accounts on the go. Members can deposit checks, pay bills, transfer funds, and more.
Investments: First Resource Credit Union offers various investment options, including Individual Retirement Accounts (IRAs) and Certificates of Deposit (CDs). Members can choose from several terms and interest rates.
Financial Education: First Resource Credit Union offers financial education resources and workshops to help its members make informed financial decisions. Members can attend workshops on topics such as budgeting, credit management, and retirement planning.
Fees and Rates
First Resource Credit Union prides itself on offering competitive rates and low fees. Members can enjoy free checking accounts, no monthly savings account fees, and low-interest rates on loans and credit cards. Additionally, members can earn higher interest rates on savings accounts and share certificates compared to traditional banks.
Community Involvement
First Resource Credit Union is committed to giving back to the community it serves. It sponsors local events, including charity walks and runs, and partners with local organizations to support community initiatives. Additionally, the credit union provides financial education resources to local schools and offers scholarships to college-bound high school seniors.
Conclusion
First Resource Credit Union offers its members a wide range of financial products and services, with competitive rates and low fees. With its commitment to being the first and best resource for its members’ financial needs