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Transit Employees Federal Credit Union

The Credit Union Difference

Why should you join TEFCU?

Banks are more convenient, offer more services and products, and their ATMs are on every other corner. This is a common misconception, but there are quite a few differences that put a Credit Union first.

Credit Unions vs. Banks

Credit Unions Banks
Have Members / Owners. Credit Unions are a financial cooperative. This means that everyone who opens a share account shares an ownership in the Credit Union. At TEFCU, the minimum balance for the share account is $25.00. The deposit constitutes your membership and ownership in TEFCU. Have Customers. Customers of commercial banking institutions are entitled to utilize their services. Customers do not share ownership in commercial banks.
Are Not-for-Profit Organizations. Credit Unions strive to provide affordable services for members.  Profits that are made are returned to our members through higher dividends and lower cost services and fees. Are for Profit Corporations. Commercial banking institutions make profits for their shareholders, usually a small group of investors.
Charge Less for Services. Credit Unions traditionally offer accounts with lower or no monthly fees. In addition, there are lower or no minimum balance requirements. Credit Unions can also charge lower loan interest rates because they are not-for-profit organizations. Charge More for Services. Banks generally offer accounts with higher fees and larger minimum balance requirements. Their loan rates are usually higher than Credit Unions.
Have Limited Membership. Credit Unions are exclusive to servicing only their "field of membership". TEFCU makes agreements with local businesses to offer our products and services to their employees. If you are an employee of TEFCU's Select Employee Groups, you're eligible to join! Can Serve Anyone. Banks are designed to be profitable for their shareholders. Anyone can join a commercial banking institution. Commercial banking institutions are not exclusive or limited to a field of membership.
Participate in ATM Networks. Credit Unions participate in different ATM Networks. Any ATM that displays the same logos as the credit union ATM or debit card is surcharge free. TEFCU is part of the CO-OP, STAR, and CU24 networks, which allow you to have surcharge free transactions. Have Extensive Networks of ATMs. Banks offer more ATMs for their customers than Credit Unions. Their ATMs are associated with fees for non-customers.

Not Convinced?


It may be time to speak to a Member Services Representative at (301) 289-9800, option 1. We are happy to show you the TEFCU difference and offer personalized services to assist your financial needs.