ABOUT NYM FEDERAL CREDIT UNION

OUR MISSION STATEMENT

NYM Federal Credit Union is a Federally insured financial institution dedicated to serving the employees of New York Methodist Hospital (and their immediate family) with a full spectrum of superior financial services in a courteous, efficient manner.

MEMBERSHIP IN NYM FEDERAL CREDIT UNION

NYM Federal Credit Union is operated solely for the benefit of our membership who share a common bond through New York Methodist Hospital. There is no cost to join. You are eligible for membership if you fit into one of the following categories:

·	Employee of New York Methodist Hospital
·	Immediate family of an employee

On June 4, 1967 eight employees, who represented the Personnel Committee of the Methodist Hospital, applied for an organizational charter to the Department of Health, Education and Welfare to establish a credit union. On July 14 of that year the Bureau of Federal Credit Unions (now known as the National Credit Union Administration, NCUA) issued charter number 18238 to MHB Employees Federal Credit Union. On August 31, 1967, in what is now the East Pavilion, the first meeting of the newly formed Credit Union was held. It was stated to the membership at the first annual meeting that the credit union would be a safe and sound alternative to the banking community, to allow employees and their families to save and to borrow with confidentiality. The credit union offices began in a small one room office with one filing cabinet that was located in a section of the hospital which is no longer standing. In March 2003, the name of the Credit Union was officially changed to NYM Federal Credit Union to better reflect the name of our sponsor.

WHAT IS THE DIFFERENCE BETWEEN CREDIT UNIONS AND BANKS?

A credit union is a not-for-profit financial cooperative. Each credit union is chartered to serve only a select field of membership. Account holders are referred to as members and are part-owners and shareholders of the credit union. They share in the earnings of the credit union through their dividends and elect the Board of Directors who set policy and make decisions about the credit union.

Banks are different. Anyone can use their services if he/she has sufficient money to open an account. Account holders are customers. For the use of their money, customers receive interest on their funds. However, the bank's earnings are passed along to the stockholders of the bank. These stockholders elect a Board of Directors. Thus, the customers have no say about the management of the bank.

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