Serving everyone in Ashtabula County
At Community First Credit Union, you are not just a customer, you are a member/owner.
We exist to serve our members, not make a profit for ourselves or stockholders. That means any income we receive (from loan interest, for example) is used to provide better rates and improve our services for YOU, our member.
Our Board of Directors is comprised of members elected by our membership who look out for your interests and serve as volunteers.
While for-profit banks exist to make money for their stockholders, our earnings are returned to our members in the form of better services and netter rates. That means all funds stay right here in our community.
Because we return our earnings to members, we typically have better rates than you will find at for-profit banks. And in multiple surveys, credit unions rank first among financial institutions in consumer satisfaction.
Can I Become A Member?
Membership is available to any person who lives, works, attends school or worships in Ashtabula County, Ohio. In addition, all immediate family of current members can become members, regardless of residency.
How do I join?
Complete a membership card and deposit $5.00 in your new share savings account for the purchase of one share. That allows you all benefits of membership. At a Community First Credit Union, every member has an equal say and an equal vote, regardless of how much you have in your accounts.
Advantages of membership
- There are no fees to join, you just make a deposit of $5.00 or more in your new account
- Your money is safe – deposit accounts are insured up to $250,000 by the National Credit Union Administration and an additional $250,000 by Excess Share Insurance
- Democratic control – each member may vote for directors
- High dividends on savings
- Low Interest Rates on loans
- Fast, courteous, personal service at our two local branches
- Convenient 24/7 online banking and mobile banking with your browser, phone or our free mobile app
- Once you’re a member, your immediate family can also join
Your savings are insured up to $500,000 per account
At Community First, your deposits are insured up to $500,000 per account. This robust insurance coverage provides peace of mind, ensuring that your money is protected beyond the standard federal insurance limits. Each deposit account is insured up to $250,000 by the National Credit Union Administration and insured for an additional $250,000 through Excess Share Insurance. That means your accounts are federally insured by the National Credit Union Share Insurance Fund. The NCUSIF is supervised by the National Credit Union Agency (NCUA), an independent federal agency created in 1970. The NCUSIF has the full backing of the U.S. government. In the history of the United States, no person has ever lost money on insured credit union deposits.
What is a credit union?
A credit union is a member-owned financial cooperative that provides a range of banking services, including savings accounts, loans, and checking accounts. Unlike traditional banks, which are for-profit institutions, credit unions operate on a not-for-profit basis, meaning any earnings are typically returned to members in the form of lower fees and better interest rates.
Membership is often based on a common bond, such as geographic location, employer, or membership in a specific organization. Credit unions prioritize community and member service, fostering a sense of belonging and mutual support among their members.
As of 2024, there are approximately 4,800 credit unions operating in the United States. These credit unions serve millions of members and offer a range of financial services.
Credit unions originated in the mid-19th century as a response to the needs of working-class individuals who lacked access to affordable financial services. The first modern credit union was established in Germany in 1850 by Friedrich Wilhelm Raiffeisen, who aimed to provide low-interest loans to farmers and promote cooperative principles. The movement quickly spread to other countries, including the United States, where the first credit union was founded in 1909 in New Hampshire.
Over the decades, credit unions grew in popularity as they offered a democratic approach to banking, emphasizing member participation and community development. The establishment of regulatory frameworks in the mid-20th century helped solidify their role in the financial landscape, leading to the diverse array of credit unions we see today.