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What Is A Credit Union?

A credit union is a not-for-profit, democratically controlled financial institution whose main goal is to satisfy the financial needs of its members. Credit Unions are "member owned," with each member having one vote.

The Greater Metro Federal Credit Union is a federally chartered, federally insured financial institution. The credit union's primary focus is doing what is best for its members, by providing cost effective savings, checking, and loan products, while providing unmatched service and value. Since a credit union is a member-owned cooperative, excess earnings are returned to the members through lower interest rates on loans, higher yields on savings and investment accounts, or new products and services. Therefore, when you save, borrow, and invest at your credit union, it directly benefits you. The credit union philosophy of "People Helping People" remains the core of our business philosophy.

 

Who Is Greater Metro Federal Credit Union?

Greater Metro Federal Credit Union was originally established in 1970 by a group of IBM employees in the Metropolitan New York area. As circumstances and the economy changed, we modified our charter when we added groups from companies that were IBM business partners. In early 1994, the membership underwent additional changes when we merged with Varoh Federal Credit Union which served the employees of the Veterans Administration in Manhattan and other select employee groups. Over the years, we have continued to grow and now serve over 7,400 members from a variety of Select Groups. In order to be more inviting to all of the Groups, The Board of Directors voted to change the name of the Credit Union from IBM Metro Employees Federal Credit Union to Greater Metro Federal Credit Union.

We are financially sound, with assets in excess of $90 million.

Greater Metro Federal Credit Union is overseen by a member-elected Board of Directors and volunteer committees. We are operated by financial management professionals and staff.

 

A Unique Financial Institution

Greater Metro Federal Credit Union is a full-service, not-for-profit, member-owned financial institution. We are chartered and regulated by the National Credit Union Administration (NCUA), an agency of the Federal Government. Member deposits are federally insured by the National Credit Union Share Insurance Fund (NCUSIF) to $250,000.

 

Who Can Join the Greater Metro Federal Credit Union?

The philosophy of a credit union is that members share a common bond. This bond permits the credit union to customize its products and services to the members it serves. If you feel that you may be eligible for membership in the credit union based on a common bond, feel free to contact us.  We'll be happy to review your eligibility.