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| | At Kern Schools Federal Credit Union, we are often asked, “Can I join your financial institution?” “How do I join?” and “What is a Credit Union anyway?”
Well, unlike other financial institutions, like a bank or savings and loan, Credit Unions are not-for-profit corporations owned solely by its members and carry the industry-wide philosophy of “People Helping People.” What is meant by not-for-profit is that any profit that we do make, we put back into our organizations and pass it along to our membership in the way of higher dividends, better loan rates, and smaller fees. Generally speaking, this is different than other financial institutions in that their profits are generally passed along to their stockholders and members of their Board of Directors. By contrast, our Board of Directors consists of volunteers who are elected by our membership and are in charge of the leadership of our Credit Union. And our members consist of individuals like you. Anyone who has a savings account with five dollars at Kern Schools Federal Credit Union is considered a member in good standing and eligible for Credit Union products and services.
Kern Schools Federal Credit Union is a full-service financial institution that was founded in 1938 (we received our federal charter in 1940) by a small group of dedicated and concerned teachers who met for the purpose of organizing a Credit Union for the Kern County public school teachers. Our first Credit Union “office” was a tiny room in the library of Bakersfield High School, and our one-person staff was an unpaid volunteer. At the end of our first year of operations, Kern Schools Federal Credit Union consisted of 141 members with $1,336.84 in assets. Two hundred dollars was the maximum loan amount a member could borrow at one time, with the interest rate being one percent. Our dividend paid on savings during this era was three percent.
Obviously, a lot has changed since our very humble beginnings and Kern Schools Federal Credit Union has come a long way. Today, we are the largest member-owned financial institution in Kern County, as well as in the top ten percent of the largest Credit Unions in the United States of America. With nearly 194,000 members and over $1.6 billion in assets, Kern Schools Federal Credit Union is considered a leader in the financial services industry. Our staff of one unpaid volunteer has grown to over five hundred employees at a number of conveniently located Kern County branches, all with the sole purpose of providing the best member service possible. During that time, we have also expanded our field of membership to include all of Kern County, including several Select Employer Groups (SEG’s). Membership far beyond Kern County’s public school teachers, yet the ties to our origins remain very strong.
And despite such growth over the past seventy-plus years, Kern Schools Federal Credit Union’s mission to identify and respond to the needs of our members by offering cost effective and competitive financial services has remained the same. We are able to do this by giving our membership the highest possible dividends on savings and the lowest possible rates on loans. Your Credit Union has an extensive loan program (including real estate), a complete savings program (including Trust Accounts and Tax-sheltered programs), VISA card programs, checking accounts, safe deposit boxes, automated teller machines, internet banking, and much more. We also offer direct deposit on paychecks, payroll deduction, money orders, discounts on warehouse shopping and amusement parks, and several other benefits.
To join Kern Schools Federal Credit Union, you may open an account online or visit any one of our conveniently located Kern County branch offices and come in and see one of our Financial Services Officers who will be able to talk to you more about the benefits of Credit Union membership. If you have any questions regarding Credit Union membership or would like to inquire about some of our programs, you may also call our Communications Center at (661) 833-7900 or 1 (800) 221-3311 (if outside of Bakersfield, California) and one of our officers will be able to assist you.
For Kern Schools Federal Credit Union, “People Helping People” has proven to be a very successful concept and one that keeps opening the doors to services and streamlined financial opportunity that are the result of growth. It is our sincere hope that you take advantage of your eligibility to become a member of Kern Schools Federal Credit Union and discover why “Together, we have something special.”
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