Empowering You With Empower Federal Credit Union

What is Empower Federal Credit Union? Empower Federal Credit Union is a not-for-profit financial cooperative that provides a variety of banking products and services to its members. It is the largest credit union in New York State and the eighth largest in the United States, with over $14 billion in assets and over 800,000 members.

Empower Federal Credit Union was founded in 1924 as the Endicott Johnson Workers Federal Credit Union. It was originally created to serve the employees of the Endicott Johnson Corporation, a local shoe manufacturer. Over the years, the credit union has expanded its membership to include anyone who lives, works, or attends school in Broome, Tioga, or Chenango counties in New York State.

Empower Federal Credit Union offers a wide range of financial products and services, including checking and savings accounts, loans, mortgages, and credit cards. It also provides a variety of financial education and counseling services to its members.

Empower Federal Credit Union is a member-owned and operated financial institution. This means that its profits are returned to its members in the form of lower interest rates on loans, higher interest rates on savings accounts, and lower fees.

Empower Federal Credit Union is committed to providing its members with the best possible financial products and services. It is a safe and secure place to save and borrow money, and it offers a variety of financial education and counseling services to help its members achieve their financial goals.

Empower Federal Credit Union

Empower Federal Credit Union has a number of key aspects that make it a unique and valuable financial institution.

• Member-owned and operated: Empower Federal Credit Union is owned by its members, not by shareholders. This means that its profits are returned to its members in the form of lower interest rates on loans, higher interest rates on savings accounts, and lower fees.
• Community-focused: Empower Federal Credit Union is committed to serving the needs of its local community. It offers a variety of financial products and services that are designed to meet the needs of its members, and it provides a variety of financial education and counseling services to help its members achieve their financial goals.
• Financially sound: Empower Federal Credit Union is a financially sound institution with a strong capital base. It is well-positioned to weather economic downturns and to continue to provide its members with the financial products and services they need.

Empower Federal Credit Union and Financial Inclusion

Empower Federal Credit Union is committed to promoting financial inclusion and providing access to affordable financial products and services to all members of its community.

Empower Federal Credit Union offers a number of programs and services to help promote financial inclusion, including:

• Low-cost banking products and services: Empower Federal Credit Union offers a variety of low-cost banking products and services, including checking and savings accounts, loans, and credit cards. These products and services are designed to be affordable for everyone, regardless of their income level.
• Financial education and counseling services: Empower Federal Credit Union offers a variety of financial education and counseling services to help its members learn about financial management and make informed financial decisions.
• Partnerships with community organizations: Empower Federal Credit Union partners with a variety of community organizations to provide financial education and counseling services to underserved populations.

Empower Federal Credit Union and the Future

Empower Federal Credit Union is well-positioned to continue to provide its members with the financial products and services they need in the future.

Empower Federal Credit Union is committed to:

• Continuing to invest in its products and services: Empower Federal Credit Union is committed to continuing to invest in its products and services to meet the changing needs of its members.
• Expanding its reach: Empower Federal Credit Union is committed to expanding its reach and serving more members in the future.
• Making a difference in the community: Empower Federal Credit Union is committed to making a difference in the community by providing financial education and counseling services, and by supporting local businesses and organizations.

Empower Federal Credit Union is a valuable financial resource for its members. It offers a wide range of financial products and services, and it is committed to providing its members with the best possible financial experience.

Empower Federal Credit Union

Empower Federal Credit Union is a not-for-profit financial cooperative that provides a variety of banking products and services to its members. It is the largest credit union in New York State and the eighth largest in the United States, with over $14 billion in assets and over 800,000 members.

• Member-owned and operated: Empower Federal Credit Union is owned by its members, not by shareholders. This means that its profits are returned to its members in the form of lower interest rates on loans, higher interest rates on savings accounts, and lower fees.
• Community-focused: Empower Federal Credit Union is committed to serving the needs of its local community. It offers a variety of financial products and services that are designed to meet the needs of its members, and it provides a variety of financial education and counseling services to help its members achieve their financial goals.
• Financially sound: Empower Federal Credit Union is a financially sound institution with a strong capital base. It is well-positioned to weather economic downturns and to continue to provide its members with the financial products and services they need.
• Innovative: Empower Federal Credit Union is committed to providing its members with the latest financial products and services. It is constantly innovating and developing new ways to meet the needs of its members.
• Convenient: Empower Federal Credit Union offers a variety of convenient banking options, including online banking, mobile banking, and over 80 branches throughout New York State.
• Award-winning: Empower Federal Credit Union has been recognized for its commitment to its members and its community. It has been named one of the "Best Credit Unions in the United States" by Forbes magazine for several years in a row.
• Trusted: Empower Federal Credit Union is a trusted financial institution with a long history of serving its members. It is committed to providing its members with the best possible financial experience.

These key aspects make Empower Federal Credit Union a unique and valuable financial institution. It is a safe and secure place to save and borrow money, and it offers a variety of financial products and services to meet the needs of its members.

For example, Empower Federal Credit Union's commitment to innovation has led to the development of a number of new products and services, such as its mobile banking app and its online loan application process. These products and services make it easier for members to manage their finances and to access the credit union's services.

Empower Federal Credit Union's commitment to its community has also led to the development of a number of programs and services, such as its financial education programs and its partnerships with local businesses and organizations. These programs and services help to make the community a better place for everyone.

Member-owned and operated

Empower Federal Credit Union is a member-owned and operated financial cooperative. This means that it is owned by its members, not by shareholders. This unique structure gives Empower Federal Credit Union a number of advantages over traditional banks and credit unions.

• Lower interest rates on loans: Because Empower Federal Credit Union is owned by its members, it is able to offer lower interest rates on loans than traditional banks and credit unions. This is because Empower Federal Credit Union does not have to pay dividends to shareholders, so it can pass the savings on to its members in the form of lower interest rates.
• Higher interest rates on savings accounts: Empower Federal Credit Union also offers higher interest rates on savings accounts than traditional banks and credit unions. This is because Empower Federal Credit Union does not have to pay dividends to shareholders, so it can pass the savings on to its members in the form of higher interest rates.
• Lower fees: Empower Federal Credit Union also offers lower fees than traditional banks and credit unions. This is because Empower Federal Credit Union does not have to pay dividends to shareholders, so it can pass the savings on to its members in the form of lower fees.
• More personalized service: Because Empower Federal Credit Union is owned by its members, it is more responsive to the needs of its members. This is because Empower Federal Credit Union does not have to answer to shareholders, so it can focus on providing its members with the best possible service.

The member-owned and operated structure of Empower Federal Credit Union provides a number of benefits to its members. These benefits include lower interest rates on loans, higher interest rates on savings accounts, lower fees, and more personalized service.

Community-focused

Empower Federal Credit Union's commitment to its community is evident in a number of ways. For example, the credit union offers a variety of financial products and services that are designed to meet the needs of its members, regardless of their income level or financial situation. These products and services include:

• Low-cost checking and savings accounts
• Affordable loans and credit cards
• Free financial education and counseling services

Empower Federal Credit Union also supports its community through a variety of programs and initiatives. For example, the credit union offers financial literacy programs to help members learn about managing their finances and making informed financial decisions. The credit union also partners with local businesses and organizations to provide financial support and resources to the community.

Empower Federal Credit Union's commitment to its community is one of the things that makes it a unique and valuable financial institution. The credit union is committed to providing its members with the financial products and services they need to achieve their financial goals, and it is also committed to making a difference in the community.

The connection between Empower Federal Credit Union's community focus and its overall mission is clear. The credit union's commitment to its community is a key part of its mission to provide its members with the financial products and services they need to achieve their financial goals. By serving the needs of its community, Empower Federal Credit Union is able to make a positive impact on the lives of its members and the community as a whole.

Financially sound

Empower Federal Credit Union's financial soundness is a key component of its overall strength and stability. A financially sound credit union is one that has a strong capital base, a low level of, and a strong earnings record. Empower Federal Credit Union meets all of these criteria. As of December 31, 2022, Empower Federal Credit Union had a capital adequacy ratio of 10.2%, which is well above the regulatory minimum of 7.0%. The credit union also has a low level of non-performing loans, at just 0.45% of total loans. And Empower Federal Credit Union has a strong earnings record, with net income of $110 million in 2022.

Empower Federal Credit Union's financial soundness is important because it allows the credit union to weather economic downturns and continue to provide its members with the financial products and services they need. During the Great Recession of 2008-2009, many banks and credit unions failed. But Empower Federal Credit Union remained strong and continued to lend to its members. This is because the credit union had a strong capital base and a low level of non-performing loans. As a result, Empower Federal Credit Union was able to help its members through a difficult economic time.

Empower Federal Credit Union's financial soundness is also important because it allows the credit union to offer its members competitive interest rates on loans and deposits. Because the credit union has a strong capital base and a low level of non-performing loans, it can afford to offer lower interest rates on loans and higher interest rates on deposits. This saves its members money on their loans and helps them to earn more interest on their savings.

In conclusion, Empower Federal Credit Union's financial soundness is a key component of its overall strength and stability. It allows the credit union to weather economic downturns, continue to provide its members with the financial products and services they need, and offer competitive interest rates on loans and deposits.

Innovative

Empower Federal Credit Union's commitment to innovation is evident in a number of ways. For example, the credit union was one of the first financial institutions to offer mobile banking and online loan applications. Empower Federal Credit Union also offers a variety of innovative financial products, such as its SmartStart Savings account, which helps members save for their financial goals, and its MyRewards checking account, which rewards members for using their debit card.

Empower Federal Credit Union's commitment to innovation is driven by its desire to provide its members with the best possible financial products and services. The credit union understands that its members' needs are constantly changing, and it is committed to developing new products and services to meet those needs.

Empower Federal Credit Union's commitment to innovation has paid off. The credit union has been recognized for its innovation by a number of organizations, including Forbes magazine and the Credit Union National Association. Empower Federal Credit Union has also been able to attract and retain members by offering them the latest financial products and services.

In conclusion, Empower Federal Credit Union's commitment to innovation is a key component of its success. The credit union's innovative products and services have helped it to attract and retain members, and they have also helped the credit union to weather economic downturns. Empower Federal Credit Union is committed to continuing to innovate in the future, and it is confident that it will continue to be a leader in the financial services industry.

Convenient

Empower Federal Credit Union's commitment to convenience is evident in a number of ways. For example, the credit union offers a variety of convenient banking options, including online banking, mobile banking, and over 80 branches throughout New York State.

• Online banking: Empower Federal Credit Union's online banking platform allows members to manage their accounts from anywhere with an internet connection. Members can check their balances, transfer funds, pay bills, and more.
• Mobile banking: Empower Federal Credit Union's mobile banking app allows members to manage their accounts from their smartphones or tablets. Members can check their balances, transfer funds, pay bills, and more.
• Branches: Empower Federal Credit Union has over 80 branches throughout New York State. This gives members convenient access to their accounts, regardless of where they live or work.

Empower Federal Credit Union's convenient banking options make it easy for members to manage their finances. This can save members time and money, and it can also help them to stay on top of their financial goals.

Award-winning

Empower Federal Credit Union's commitment to its members and its community has been recognized by a number of organizations, including Forbes magazine. Forbes magazine has named Empower Federal Credit Union one of the "Best Credit Unions in the United States" for several years in a row. This recognition is a testament to the credit union's commitment to providing its members with the best possible financial products and services.

• Customer satisfaction: Empower Federal Credit Union is committed to providing its members with the best possible customer service. The credit union's customer satisfaction scores are consistently high, and it has been recognized for its excellent customer service by a number of organizations.
• Financial stability: Empower Federal Credit Union is a financially sound institution with a strong capital base. This financial stability allows the credit union to offer its members competitive interest rates on loans and deposits, and it also ensures that the credit union is well-positioned to weather economic downturns.
• Community involvement: Empower Federal Credit Union is committed to giving back to the community. The credit union supports a number of local charities and organizations, and it also provides financial education and counseling services to its members and the community.
• Innovation: Empower Federal Credit Union is committed to providing its members with the latest financial products and services. The credit union is constantly innovating and developing new ways to meet the needs of its members.

Empower Federal Credit Union's commitment to its members and its community is evident in everything it does. The credit union is committed to providing its members with the best possible financial products and services, and it is also committed to making a difference in the community. Empower Federal Credit Union is a valuable financial resource for its members and the community, and it is an honor to be recognized as one of the "Best Credit Unions in the United States".

Trusted

Empower Federal Credit Union has a long history of serving its members, dating back to 1924. Over the years, the credit union has built a reputation for trust and reliability. Empower Federal Credit Union is committed to providing its members with the best possible financial experience, and it has a number of policies and procedures in place to ensure that its members' information is safe and secure.

• Financial Stability: Empower Federal Credit Union is a financially sound institution with a strong capital base. This financial stability gives members peace of mind, knowing that their money is safe and secure. Empower Federal Credit Union is also well-positioned to weather economic downturns, which can provide members with additional confidence in the credit union's ability to meet their financial needs.
• Customer Service: Empower Federal Credit Union is committed to providing its members with excellent customer service. The credit union's customer service representatives are friendly and helpful, and they are always willing to go the extra mile to help members with their financial needs. Empower Federal Credit Union also has a number of self-service options available, such as online banking and mobile banking, which give members the convenience of managing their finances on their own time.
• Community Involvement: Empower Federal Credit Union is committed to giving back to the community. The credit union supports a number of local charities and organizations, and it also provides financial education and counseling services to its members and the community. Empower Federal Credit Union's commitment to the community helps to build trust and goodwill, and it shows that the credit union is invested in the well-being of its members and the community as a whole.
• Transparency: Empower Federal Credit Union is committed to being transparent with its members. The credit union provides its members with clear and concise information about its products and services, and it also makes its financial statements available to the public. Empower Federal Credit Union's transparency helps to build trust and confidence, and it shows that the credit union is committed to doing business in an ethical and responsible manner.

Empower Federal Credit Union's commitment to trust and reliability has helped it to become one of the leading credit unions in the United States. The credit union's members know that they can count on Empower Federal Credit Union to provide them with the financial products and services they need, and they know that their money is safe and secure. Empower Federal Credit Union's commitment to trust and reliability is a key part of its success, and it is one of the reasons why the credit union is so highly regarded by its members.

Frequently Asked Questions about Empower Federal Credit Union

Empower Federal Credit Union is a not-for-profit financial cooperative that provides a variety of banking products and services to its members. It is the largest credit union in New York State and the eighth largest in the United States, with over $14 billion in assets and over 800,000 members.

Question 1: What are the benefits of being a member of Empower Federal Credit Union?

There are many benefits to being a member of Empower Federal Credit Union, including:

• Lower interest rates on loans
• Higher interest rates on savings accounts
• Lower fees
• More personalized service
• Access to a wide range of financial products and services

Question 2: Is my money safe at Empower Federal Credit Union?

Yes, your money is safe at Empower Federal Credit Union. The credit union is a member of the National Credit Union Administration (NCUA), which provides deposit insurance up to $250,000. Empower Federal Credit Union also has a strong capital base and a history of financial stability.

Empower Federal Credit Union is committed to providing its members with the best possible financial experience. The credit union offers a variety of banking products and services to meet the needs of its members, and it is committed to providing its members with excellent customer service. If you are looking for a safe and secure place to save and borrow money, Empower Federal Credit Union is a great option.

Conclusion

Empower Federal Credit Union is a not-for-profit financial cooperative that provides a variety of banking products and services to its members. It is the largest credit union in New York State and the eighth largest in the United States, with over $14 billion in assets and over 800,000 members.

Empower Federal Credit Union's mission is to provide its members with the best possible financial products and services. The credit union is committed to providing its members with competitive interest rates on loans and deposits, low fees, and a wide range of financial products and services. Empower Federal Credit Union is also committed to providing its members with excellent customer service.

Empower Federal Credit Union is a safe and secure place to save and borrow money. The credit union is a member of the National Credit Union Administration (NCUA), which provides deposit insurance up to $250,000. Empower Federal Credit Union also has a strong capital base and a history of financial stability.

If you are looking for a safe and secure place to save and borrow money, Empower Federal Credit Union is a great option. The credit union offers a variety of banking products and services to meet the needs of its members, and it is committed to providing its members with excellent customer service.