Hawaiian Tel FCU Is Helping People Make Their Dreams Come True
The Hawaiian Tel Federal Credit Union is not unlike other credit unions. It is also a cooperative owned and operated by its own members. As such, union members place their money in savings accounts which is then lent to its own members. Then whatever income is derived from the activity is returned to the members in the form of dividends.
There is a Board of Directors that governs the Hawaiian Tel Federal Credit Union or HiTel FCU. The members of the Board of Directors are union members themselves who are elected and who serve without compensation.
HiTel FCU was chartered by Mutual Telephone Company employees in 1936 with the goal of “helping people make their dreams come true.” The union began with only 65 employees and total assets of $2,517. The union operated with only volunteers and no paid staff, and these volunteers had to work on a part time basis only as they had regular jobs to attend to. Despite that, the union was able to declare a dividend share of 6% after only one year of operation. Some 19 years later, the union accumulated over $1 million worth of assets, and another 6 more years after that, the assets grew to $2 million. Now, with a growing membership of more than 36,000 members and assets of more than $400 million, HiTel FCU is considered among the largest credit unions in Hawaii.
Just like any other credit union, perhaps, membership to HiTel FCU is also limited. You have to be someone who lives, works, or attends school in Oahu, Hawaii, for one thing. Once you meet the eligibility requirements, you will be able to enjoy the various financial services offered by HiTel FCU, such as Savings and Checking Accounts, loans and credit cards.
The Share Account product works just like a savings account in the sense that it earns you interest while ensuring the safety of your money at the same time. To open a Share Account, you must deposit a minimum of $5, but for you to be able to earn dividends and not pay the monthly service fee, you must keep your balance at $100 at least; otherwise, you will be charged $1 monthly if your balance falls below $100. The VIP Money Market Account pays higher interest than the regular savings account, but you have to maintain at least $500 daily so you will not be charged the $1 monthly fee. You also get to earn more if you maintain a higher account balance. Another type of Savings Account is the Christmas Savings Account which allows you to save money for the holidays. This also earns interest just like a Share Account.
You may also be interested in the HiTel FCU VISA Classic Card, a credit card that requires no annual fee and charges a low 11.9% APR. In case your card is lost or stolen, you may be able to avail yourself of emergency cash of up to $1,000, subject to approval.
As a union member, you will certainly enjoy the various loan packages available. Whether you want to purchase a car or have your home remodeled, you may apply for a loan that suit either one with HiTel FCU because Hawaiitan Tel Federal Credit Union does help one make his or her dreams come true.