92 Dix Avenue
Glens Falls, New York 12801
Phone: 518.793.9502
Fax: 518.793.7961

FAQ

What’s a Credit Union?

What’s a Credit Union?

A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.

Who owns a credit union?

Who owns a credit union?

Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn't operate in that manner. Rather, each credit union member owns one "share" of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.

How did credit unions start?

How did credit unions start?

The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.

What is the purpose of a credit union?

What is the purpose of a credit union?

The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.

Are savings deposits insured?

Are savings deposits insured?

Yes. All savings accounts are insured up to at least $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.

Who can join a credit union?

Who can join a credit union?

A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a "field of membership." The field of membership may include where they live, where they work, or their membership in a social or economic group.

Our Supervisory Committee

For questions or comments, contact us at:

Cooper’s Cave Federal Credit Union
Supervisory Committee
PO Box 462
Glens Falls, NY 12801

Please do not enclose money or withdrawal requests.

Contact by Email

E-mail should be used for general information only. Please do not include any confidential information including account numbers or social security numbers.

Recent Fraud Alerts

  • A Letter from Home Depot

    A Letter from Home Depot

    9/23/2014 - As you may have heard, on September 8, 2014, we confirmed that our payment data systems have been breached, which could potentially impact customers using payment cards at our U.S. and Canadian stores. On September 18, 2014, we confirmed that the malware used in the breach has been eliminated from our U.S. and Canadian stores and that we have completed a major payment security project that provides enhanced encryption of payment data at point of sale throughout our U.S. stores, offering significant new protection for customers.

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  • Home Depot has experienced unauthorized access

    Home Depot has experienced unauthorized access

    09/10/14 - Cooper’s Cave FCU has received information that Home Depot has experienced unauthorized access to its systems resulting in the compromise of over 60 million credit and debit card information used at its “brick and mortar” stores from April 11 through September 7, 2014. There is no evidence that online purchases were affected by this data breach.

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  • Kmart Confirms Malware Based Data Breach

    Kmart Confirms Malware Based Data Breach

    10/21/14 - Kmart has confirmed that it’s point of sale registers were compromised by malicious software (malware) between September 3rd and October 8, 2014. The retailer says that purchases made at Kmart.com were not affected by this breach.

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  • Risk Alert - Automated Phone Call Scam Resurfaces

    Risk Alert - Automated Phone Call Scam Resurfaces

    A credit union recently reported receiving hundreds of calls from members and nonmembers saying they received a phone call (automated calls) on their landline or cell phone with an automated message indicating their account

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  • SCAM ALERT: Calls for card info not from NAFCU

    SCAM ALERT: Calls for card info not from NAFCU

    May 29, 2012 – NAFCU has learned that someone claiming to be from the association is calling consumers, telling them their debit cards have been compromised and asking them to verify the correct information. Don't fall victim to this scam.

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