Desert Schools Federal Credit Union -Information and Tips

Posted by writer on September 30th, 2009 at 10:53pm

The Desert Schools Federal Credit Union is a financial institution that serves the state of Arizona.  It has over 60 branches around the state and offers personal services such as home loans, savings accounts, auto loans, credit cards, insurance, investment and retirement plans, school loans and even loans for building pools and purchasing recreational vehicles.  It also offers business services such as business savings and savings accounts, business financing and revolving lines of credit, business insurance, and even services to help businesses connect with other businesses who are members of the union.

People often bank at a bank or credit union with really understanding the differences. What makes the Desert Schools Federal Credit Union Arizona different from a bank, in other words. Banks are owned by individuals and investors, while credit unions are owned by the people who join the organization, in other words by the account holders. This means that with banks the profits go to the investors and stock holders while the credit unions are non profit. The profits go back to the members in the form of lower interest rates on loans and higher dividends on investments. As far as FDIC insurance that guarantees accounts, federal credit unions are no different from banks.

One of the features people most like about credit unions is the personal service they offer.  It’s often that a credit union serves the members of a particular profession.  Teachers, for example, began the Desert Schools Federal Credit Union in order to invest their money as a group.  That will be discussed in a bit.  Credit unions treat people less like account balances and more like human beings.  Credit unions are dedicated to serving their members who are their owners.

Back to that history. The Desert Schools Federal Credit Union began with only 15 members, each of whom invested $5 and a $.15 membership fee. It grew to assets of $982.72 in only six months, with membership swelling to 54 people. By the time WW2 ended in 1945, it had grown to 225 people and over $9000 in assets. The credit union didn’t hire its first employee until 1947. Annis King worked part time in an office about the size of a closet. Her tools were a card file, a 10-key calculator and a line-o-dex. By 1999 that initial $75 had grown to a staggering $1.3 billion in assets with 200,000 members.

Desert Schools Federal Credit Union is a great choice for people who live in Arizona.

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