Jackson Area Federal Credit UnionBy WAYNE CAMERON,
Special to the Sun
What is a credit union? How is it different from a bank? Is my money insured? These are some questions you might find yourself asking when considering joining a credit union. Credit unions were formed inside a business or entity, when a group of employees decided to pool their money together to save money. Credit unions are not-for-profit financial cooperatives, owned and controlled by their members. When a profit is made after expenses have been covered, credit unions return the profit to their members. The profit is returned by the credit union in the form of lower interest rates on loans, higher dividends on savings, and lower fees. The National Credit Union Administration, NCUA, a government agency, insures the accounts of credit union members.
Jackson Area Federal Credit Union was federally chartered on February 17, 1953. Originally known as the City of Jackson, Mississippi Employees Federal Credit Union, JAFCU has grown to be one of the Jackson metro area’s top credit unions. When JAFCU was chartered, we offered share (savings) accounts to our members. Today, in addition to share (savings) accounts, we offer share draft (checking) accounts, share certificates of deposit, individual retirement accounts, and Christmas club accounts.
ATM and debit cards are now offered, in addition to home banking, online bill pay, and a mobile app. We also offer a variety of types of loans. We offer financing for new and used autos, motorcycles, boats, recreational vehicles, tractors, and trailers. In addition, we offer personal loans, lines of credit, and both secured platinum Visa credit cards. Operating with the motto of “we do everything a bank does, we just do it better,” JAFCU offers shared branching, a service that gives our members access to their money in over 5,000 locations in the United States.
Over the last 60 years, Jackson Area Federal Credit Union has expanded its field of membership to include over seventy select employee groups. Among these employer groups, are Jackson Public Schools, Jackson State University, Hinds County School District, and Hinds County Board of Supervisors. In addition to serving the City of Jackson employees, we also serve City of Madison, Clinton, Ridgeland, Richland, Florence, Byram, and the towns of Terry and Wesson. For a full list of the select employee groups affiliated with Jackson Area Federal Credit Union, visit jacksonareafcu.com.
People who live, work, worship or attend school in Hinds County, Mississippi, are also eligible to join JAFCU, not to mention immediate family members of already established JAFCU credit union members. We invite you to take a look at all that Jackson Area Federal Credit Union has to offer! Visit us online at jacksonareafcu.com for more information.