| About CCSE Federal Credit Union |
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| History |
| CCSE Federal Credit Union was chartered through The National Credit Union Association (NCUA) in September 1977. Founding members were David Lanfear of West Valley Central Schools and Hobie Rhinehart of Cattaraugus Central Schools. the founding philosophy was to establish a financial co-operative, owned by its members with profits distributed through higher account interest rates, lower loan rates, and/or added to the reserves to make the credit union stronger and more secure. |
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| Founding Organizations |
| Cattaraugus Central Schools |
Ellicottville Central Schools |
| Limestone Central Schools |
Little Valley Central Schools |
| Salamanca Central Schools |
West Valley Central Schools |
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| Credit Union vs Banks - Customers |
| Credit Unions have members, not customers. Credit unions are member-owned, meaning each person who deposits money in a credit union becomes an owner of the credit union. A member is an owner because their deposit is considered a share of ownership. |
| Banks can serve anyone in the public. Banks have customers who have little or no say in how the bank is operated. Banks are owned by a small group of investors who expect a certain return on their investments. |
| Credit Union vs Banks - Ownership |
| Credit Unions are democratically controlled. They are run by a volunteer Board of Directors elected by and from the membership. Each member has a vote in electing Board members and certain Committee members, and can run for election to the Board or Committees. |
| At banks, only the investors have voting privileges. Customers do not have voting rights and cannot be elected to the Board. They also have no authority in the overall governance of the bank. |
| Credit Union vs Banks - Earnings |
| Credit Unions are non - profit organizations. After expenses are paid and reserves are set aside, surplus earnings are returned to members in the form of higher dividends, lower loan rates, and free or low - cost services. |
| Only the investors and/or stockholders of the bank get a share of the profits. |
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© 2010 CCSE Federal Credit Union |
417 Broad St., Salamanca, NY 14779 |
(716) 945-5340 • Fax: (716) 945-5351 |
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24/7 Phone Banking: |
(716) 945-7800 or toll free 1-877-CCSE096 |
Lobby: Monday-Friday 9am-5pm Drive-Thru: Monday-Thursday 9am-5pm; Friday 9am-6pm |
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