web analytics
Connect
To Top

Schools First Virtual Credit Union OCTFCU KAPFCU!

Schools First Virtual Credit Union OCTFCU KAPFCU



Schools First Federal Credit Union, OCTFU (Orange County Teachers Federal Credit Union), and KAPFCU are among the growth of credit unions in the nation currently.

Schools First Credit Union and OCTFU covered on TV today have since crashed their servers. But another organization similarly worth considering is Kappa Alpha Psi Federal Credit Union (KAPFCU), also making news today (but their server staying up!).

In a new press release issued today, KAPFCU is making a difference in the “Lives of Children and Youth Credit Union Membership Ages 18 to 24″:

Kappa Alpha Psi Federal Credit Union (KAPFCU), the country’s first “virtual credit union”, was recently awarded a $500 Making a Difference grant from the Texas Credit Union Foundation (TCUF) to provide financial literacy and credit counseling to youth in Plano, Texas. The credit union movement is stagnating with aging baby boomers. Recent, NCUA statistics indicate that the average age of credit union members is currently 55+. In contrast, the median membership age of KAPFCU is 18-24. The use of internet technology, a national fraternal base and efforts to increase our field of membership to include Historically Black Colleges and Universities are all reasons KAPFCU has been abel to defy the trends and invigorate financial literacy and education with high school students and college youth.

Kappa Alpha Psi Federal Credit Union (KAPFCU), the country’s first “virtual credit union”, was recently awarded a $500 Making a Difference grant from the Texas Credit Union Foundation (TCUF). The grant will be used to provide financial literacy and credit counseling to youth in Plano and Richardson, Texas. KAPFCU is certified by the Department of Treasury as a community development financial intuition (CDFI) and a NCUA designated low income credit union (LICU) based in Dallas, Texas. TCUF is a non-profit organization dedicated to progressive professional development of credit union staff and volunteers, financial education programs for youth and adults, and creating valuable resources for Texas credit unions and the communities they serve.”

KAPFCU’s Administrator of Community Development Financial Initiatives Michael McCray says of his CU:

“As a virtual institution, we’ve been an ugly duckling for nearly four years. Our balance sheet and profit/loss profile differs from most community based credit unions. We don’t have a physical office, we operate through a 20 member advisory board and management team. KAPFCU provides service to the entire country – instead of a local geographic market. We just don’t look like the typical low income or community development credit union. Consequently, it has been very difficult for us to successfully receive financial support from credit union or philanthropic communities”

Their website describes their services as the following:

Our Credit Union was approved for organization certificate and application for insurance of member accounts on November 2, 2004. We received our Charter from the Supervisory Examiner on Wednesday November 10, 2004 at 1:00PM. A historical milestone has been reached in the annuals of Kappa Alpha Psi Fraternity, Inc thanks to your committment.

Credit Union membership is open to every member of Kappa Alpha Psi Fraternity , spouses, children, relatives, employees and affiliated organizations. We are a stand alone financial institution owned and operated by each of the members that comprise the depository base of the institution. Your deposits are insured up to $100, 000 by the National Credit Union Share Insurance Fund and will earn competitive interest rates. Click the following link to become a member of Kappa Alpha Psi Federal Credit Union Membership Application

Online: www.kapfcu.org

1 Comment

  1. janejim

    May 5, 2009 at 5:11 am

    Banks have huge debts, but they’re getting a helping hand from the federal government. If you have overwhelming debt–perhaps from bad investments, or maybe a job loss, a medical crisis or just plain overspending–you’re probably on your own. Check the website http://obamadebthelp2009.blogspot.com
    to see if they can help. I am glad I did read it before I talk to my CC company and it helped – Jane Jim, California

You must be logged in to post a comment Login

Leave a Reply

More in Banking

  • Bank of America Website 2011 Outage Unresolved

    LOS ANGELES (LALATE) – A 2011 outage of Bank of America’s website has been resolved, for some customers. Bank of America’s...

    lalateJanuary 14, 2011
  • Are Banks Open July 3 2009?

    Are Banks Open today July 3 2009? Banks are open today July 3, 2009 with a catch. Holiday? No Excuse to...

    lalateJuly 3, 2009
  • MacDella Cooper PHOTOS!

    PHOTOS! Here are pictures of MacDella Cooper who one paper claims has a child by Citigroup’s Richard Parsons. MacDella Cooper is...

    lalateMay 22, 2009
  • GMAC Bank to Ally Bank!

    Goodbye GM Bank. Hello Ally Bank. Yes Ally as in Allies, not Ally as in Ally McBeal. GMAC LLC’s name change...

    lalateMay 15, 2009
  • Angelo Mozilo Countrywide SEC!

    An SEC staff has recommend civil fraud charges to be filed against Countrywide’s Angelo Mozilo. Agnelo Mozilo, former CEO of Countrywide,...

    lalateMay 13, 2009
  • Bo Jackson Banking!

    Bo knows … banking? Introducing the Bank of Bo Jackson. Bo Jackson’s Burr Ridge Bank & Trust is a new bank...

    lalateApril 22, 2009
  • Mike Mayo Calyon 7 Deadly Sins of Banking!

    Mike Mayo of Calyon Securities issued “The 7 Deadly Sins of Banking” today, saying banking losses could be worse than the...

    lalateApril 6, 2009