Frequently Asked Questions
One measure of the strength of a financial institution is its "Capital to Assets Ratio." To be rated "Adequately Capitalized" by federal and state regulators requires 6% or more of unencumbered capital. BCS Community Credit Union has almost three times that requirement, with nearly 18% Capital. Capital is the credit union's cushion against bad loans, etc.
BCS is short for Burlington Colorado Southern. The credit union was originally started by employees of the Colorado and Southern Railroad in 1938. Through railroad and credit union mergers, our name has evolved to BCS Community Credit Union.
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.Description
Other financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn't operate in that manner. Rather, each credit union member owns one "share" of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.
The primary purpose of furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.
A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a "field of membership." The field of membership may include where they live, where they work, or their membership in a social or economic group. BCS Community is open anyone who works or live in Wheat Ridge, Colorado, Railroaders and Retirees, Colorado residents that are members of or become a member of Consumers United Association, and more.
Yes. All savings accounts are insured to at least $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government. To calculate the amount of deposit insurance that applied to you, visit the NCUA's website.
Since the credit union is a non-profit cooperative, we rely on volunteers to serve on our Board of Directors and other committees. So if you are interested in contributing to the management of BCSCU, contact the credit union at (303) 425-6627.