On October 14th, 2022, Bank-Fund Staff Federal Credit Union reached the significant milestone of its 75th anniversary. BFSFCU was founded in 1947 by 96 members with $3,000. Today, 75 years later, BFSFCU is the 50th largest credit union among more than 4,900 credit unions in the US, and holds nearly $6.5 billion in assets with over 90,000 members worldwide.
A great deal has changed over the past seven and a half decades, including technological advancements within financial services and numerous extremes in economic cycles. In 2022, the world economy faced a very challenging interest rate environment, with a rapid and compressed spike in interest rates driven by central bank actions to combat persistent inflation.
Our cooperative's strength and financial viability withstood these pressures and BFSFCU continues to maintain its strong standing. Adding new members and maximizing the participation of borrowers and savers in our products and services increases our ability to give back to all members and sustains our financial capacity to better serve and invest in improvements to meet our members' evolving needs.
Our financial strength has also allowed us to continuously “give back” to members through higher rates on deposits, lower rates on loans, and extremely low fees.
Over the last decade, we have given back by paying members $228 million in dividends and granting over $11 billion in loans. In 2022, we introduced our innovative Global Rewards program and our high-yield Premier Checking account to further reward our members’ participation. Our members have embraced this program and are already earning generous rates and rewards.
Technology has changed dramatically over the last 75 years and the Credit Union has consistently invested in ways to make it easier and faster for members to join, access their money, borrow, and remain informed. We continue to invest in technology and in our staff to provide the hi-tech personalized service and support our members deserve.
In 2023, we will be adding an exciting new feature that will allow members to also connect with us via chat, text, screen-sharing or video interaction and seamlessly switch from one channel to the other. We are also redesigning our website so members can quickly and easily navigate to what they need.
Here are the highlights of the many valuable
benefits and rewards provided to our members in 2022
| $24.5 MILLION Total Dividends |
$3* MILLION Supplemental Dividend |
$1.2 MILLION Premier Checking Account Dividends |
$20.3 MILLION Regular Dividends |
| $2.2 MILLION Total Fee Rebates |
$647 THOUSAND Total ATM Fee Rebates |
$511 THOUSAND Total Wires Fee Rebates |
$336 THOUSAND Total Debit Card Foreign Transaction Fee Rebates |
$735 THOUSAND Total Mortgage Cash Rewards |
$7 THOUSAND Total GAP Insurance Fee Rebates |
634 MILLION Credit Card Rewards Points |
$296 THOUSAND HomeAdvantage Mortgage Cash Rebates |
$465 THOUSAND Total Car Rewards |
$730 MILLION Total Loans Granted |
$651 MILLION Total Mortgages |
$47 MILLION Total Auto Loans |
$32 MILLION Total Other |
On behalf of the BFSFCU team and our Board of Directors, we thank you for your loyalty and trust over the past 75 years. You have our commitment to remain member-focused and to deliver maximum value while investing in our future and maintaining safety, soundness, and sustainability as we continue our journey together.
Eli Vazquez CEO
*Supplemental Dividend 2023 Distribution. On January 19th each qualifying member will receive: (i) $10.00 and (ii) an amount equal to the total of the average daily balances maintained during 2022 in your Checking, Savings and Share Certificate accounts, multiplied by a distribution factor of 0.0375%. The dividend will be deposited to each open individual Savings, Checking and Share Certificate account based on the average balance maintained in that account during 2022. Dividends earned on Savings, Checking and Share Certificate accounts that have since been closed will be deposited in an open account with the same ownership. Please review your January 2023 account statement or your account history within Digital Banking to see the dividend amounts deposited. Members qualifying for the supplemental dividend must be in good standing as of December 31, 2022, and have an open Savings, Checking or Share Certificate account into which the credit can be deposited as of the dividend posting date.