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Ashtabula County's Credit Union

Home > About > Membership in CFCU


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.

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.

May I become a member right away?

Yes! There is no waiting period. Once you're a member you are always a member, and your family is eligible to join. Be sure to tell your family and friends about the benefits of being a member at Community First Credit Union.

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 credit union, every member has an equal say and an equal vote, regardless of how much you have in your accounts.

Who is eligible to join?

Membership is available to any person who lives, works, attends school or worships in Ashtabula County. In addition, all immediate family of current members can become members, regardless of residency.

Is my money safe?

Yes. Each of your deposit accounts are insured up to $250,000 by the National Credit Union Administraion and an additional $250,000 by Excess Share Insurance. In the history of the United States, no person has ever lost money on insured credit union deposits that are less than $250,000 per account. Read more about deposit insurance.

What are the advantages of membership?

  • Deposit accounts are insured up to $250,000 by the National Credit Union Administraion 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
  • Safety - your savings are Federally Insured to $250,000 by the National Credit Union Administration, a United States Government Agency
  • Once you're a member, your immediate family may join as well


What is a Credit Union?

A Credit Union is a group of people with a permit to do business with each other - a business of saving money in a common fund and of making loans to members from that fund. People who belong to a Credit Union share a common bond - by working at the same place or living in the same community.

A Credit Union is not a credit bureau, it is not a labor union, it is not a loan company nor a finance house; it is a group of people who have joined forces to manage their money.

The main objectives of a Credit Union are to teach and encourage thrift among members and, through combined savings, extend to members low cost credit for any worthwhile purpose.

Who owns the Credit Union?

Members own the Credit Union.

Who establishes Credit Union policies?

A Board of Directors, elected from the membership by the members, governs the general direction and affairs of the Credit Union. The Board sets the policy under which the officers and committees operate. The Board appoints a Supervisory Committee to audit internal affairs on a monthly basis. The Board and committee members receive no pay for their services.