Credit unions are financial cooperatives that are owned and controlled by their members. Unlike banks, credit unions operate as non-profit organizations, which means they are solely focused on serving their members’ financial needs rather than maximizing profits for shareholders. One such credit union is the Freestone Credit Union, which has been serving its members since 1952.
In this article, we will take a closer look at the Freestone Credit Union, its history, products and services, and the benefits of becoming a member.
History of Freestone Credit Union
Freestone Credit Union was established in 1952 by a group of dedicated educators in Fairfield, California. The credit union was initially known as Solano County School Employees Credit Union and served only Solano County educators. However, as the credit union grew in size and popularity, it expanded its membership to include anyone who lived or worked in Solano, Napa, or Yolo counties.
In 2007, the credit union changed its name to Freestone Credit Union to better reflect its expanded membership base. Today, Freestone Credit Union has over 10,000 members and assets worth over $130 million.
Products and Services
Freestone Credit Union offers a wide range of financial products and services to its members. Some of its most popular products and services include:
- Savings Accounts: Freestone Credit Union offers a variety of savings accounts, including Regular Share Savings, Money Market Savings, and Certificates of Deposit (CDs). Members can earn competitive interest rates on their savings and enjoy no monthly maintenance fees.
- Checking Accounts: Freestone Credit Union offers two types of checking accounts: Basic Checking and Plus Checking. Both accounts offer a free debit card, free online banking, and free bill pay. Plus Checking also offers free checks and higher interest rates on deposits.
- Loans: Freestone Credit Union offers a variety of loans, including auto loans, personal loans, home equity loans, and home equity lines of credit. Members can enjoy competitive interest rates, flexible terms, and easy online applications.
- Credit Cards: Freestone Credit Union offers Visa credit cards with no annual fees, low interest rates, and rewards programs.
- Other Services: Freestone Credit Union also offers a variety of other services, including online banking, mobile banking, direct deposit, wire transfers, notary services, and more.
Benefits of Becoming a Member
There are many benefits of becoming a member of Freestone Credit Union. Some of the most significant benefits include:
- Lower Fees: Credit unions like Freestone Credit Union are not-for-profit organizations, which means they can offer lower fees and better interest rates than traditional banks.
- Personalized Service: Freestone Credit Union is committed to providing personalized service to its members. Unlike large banks, credit unions often have a more intimate understanding of their members’ needs and are better equipped to provide personalized service and advice.
- Community Focus: Credit unions like Freestone Credit Union are often deeply rooted in the communities they serve. They are committed to supporting local businesses and organizations and promoting economic development in the area.
- Democratic Control: Credit unions are democratically controlled, which means every member has an equal say in how the credit union is run. Members can vote on important issues and elect the credit union’s board of directors.
- Insured Deposits: Like banks, credit unions are insured by the National Credit Union Administration (NCUA). This means that deposits are insured up to $250,000 per account, providing members with peace of mind and protection.
Freestone Credit Union is a fantastic option for those seeking personalized financial services and a community-focused approach. With a history of over 60 years of serving its members, Freestone Credit Union offers a wide range of financial products and services at competitive rates. As a member-owned institution, Freestone Credit Union prioritizes its members’ financial well-being, making it an excellent choice for those looking for a trustworthy and dependable financial institution. With its commitment to providing excellent service, democratic control, and insured deposits, Freestone Credit Union is a credit union that you can trust.