Allegius Credit Union began its roots as Bethlehem Employees Federal Credit Union (BEFCU) in 1966. It was officially chartered March 30, 1966 with 25 charter members with the field of membership including employees of Bethlehem Steel Corporation who worked in Burns Harbor, Indiana, and members of Local 6787 United Steelworkers of America. Soon after - immediate family members became eligible to join BEFCU as well.
From the humble beginnings of BEFCU visionaries to the current Allegius Federal Credit Union, the tradition of a caring, member-owned, and full-service financial institution has carried forth over the past 5 decades. Throughout these last 50 years Allegius has become a part of your families with so many members passing down membership as a family tradition…and for that we thank you! In addition, to many others we have become a neighbor who is there if a need arises, or some advice is wanted.
Now that you know how we got our start, why should you choose a credit union over a bank? What’s the difference?
Credit Unions are Owned by the Members
One of the main differences between credit unions and banks is who owns them. Banks are typically for-profit entities owned by shareholders who expect to earn dividends. Credit unions, on the other hand, are not-for-profit, member-owned cooperatives that are committed to the financial success of the individuals, families, and communities they serve. This cooperative structure means that credit union members are also owners who have a say in how the credit union operates, and any profits generated are reinvested into the credit union or returned to the members in the form of lower fees or better interest rates.
Credit Unions have Membership Requirements
While banks are open to the general public, credit unions have membership requirements that help them provide personalized, community-oriented financial services. To join Allegius specifically, you must be part of one of our Select Employee Groups (SEGs). Find the list here, along with more information on joining. If you’re not eligible through one of our SEGs, there is another option! By joining the Independent Cat Society, you gain access to membership to Allegius Credit Union. The Independent Cat Society is a proud partner of Allegius Credit Union. The Independent Cat Society is a shelter and animal welfare organization, and they exist for the sole purpose of dedicating time and effort to finding permanent loving homes for each unwanted cat or kitten, which crosses their doors in the Northwest Indiana region.
Support the cat society with a $25 contribution at any Allegius office location during the new member process, and not only join a financial institution that is out for your best interest but also helps a worthwhile cause.
These membership requirements help the credit union foster a sense of community among members, maintain ownership and control, manage risk, offer tailored services, and ensure financial stability.
Credit Unions Offer Personalized Service
Credit unions focus on member satisfaction. As member-owned organizations, they tend to prioritize their members' needs and provide more personalized service. Credit unions often offer competitive rates on loans and savings accounts, along with more flexible lending criteria.
While Allegius has 4 branches, we offer 24/7 Digital and Mobile Banking and are part of the CO-OP network – allowing you to use thousands of shared branches and surcharge-free ATMs across the country.
Credit Unions Offer Competitive Products
Both credit unions and banks offer a range of financial products and services, including checking accounts, savings accounts, loans, mortgages, and credit cards. However, there can be variations in the specific offerings and terms. Credit unions often provide lower fees and competitive rates on products like high yield checking, loans, and credit cards due to their not-for-profit status.
Credit Unions are Regulated by the NCUA
Credit unions and banks are regulated by different entities. Banks are typically regulated by federal agencies such as the Office of the Comptroller of the Currency (OCC), Federal Reserve, or the Federal Deposit Insurance Corporation (FDIC). Credit unions are regulated by the National Credit Union Administration (NCUA), a federal agency that supervises and insures credit unions. The NCUA provides similar deposit insurance as the FDIC, ensuring that members' deposits are protected up to a certain limit. This helps ensure that members’ money is safe.
Understanding the difference between a credit union and a bank can help you choose the financial institution that’s right for you. We hope that Allegius will check all those boxes and become your new financial home. Visit our website to apply for membership online or come into one of our branches!
