We’re about people not profit.
At Matanuska Valley Federal Credit Union our members are a family with the belief that together we can do better. Our goal is to help members build a better financial future and we’ve been doing that since 1948!
MVFCU is a nonprofit financial cooperative, owned and controlled by our members. Our Board of Directors are volunteers from the community, elected by our members.
As a member-owned cooperative we are responsive to member needs. We provide a complete range of financial services that offer convenience and flexibility. Since we are a nonprofit organization, our members save money.
Who can join?
Persons who live in the Matanuska-Susitna Borough (MSB) or in the Matanuska Electric Association (MEA) service area, which includes Eagle River, Chugiak, Birchwood, and Eklutna:
- Persons who work, worship, attend school or participate in associations headquartered in the MSB or MEA service area
- Persons participating in programs to alleviate poverty or distress which are located in the MSB or MEA service area
- Incorporated and unincorporated organizations located in the MSB or MEA service area
- Incorporated and unincorporated organizations maintaining a facility in the MSB or MEA service area
- Spouses of persons who died within the field of membership
- Employees of the credit union
- Persons retired as pensioners or annuitants from MVFCU employment
- Immediate family members or persons in their household and/or organizations of such persons eligible for membership
No application is necessary; just come in and visit any of our Community Offices to open an account. You will need to show valid identification with residence address and/or proof of employment address (a current pay stub is acceptable) or other paperwork validating eligibility.
An important member benefit is the credit union’s “Once a member, always a member” policy. This means that you may retain your membership even if you retire or leave the area.
All MVFCU member deposits are insured to at least $250,000 and backed by the full faith and credit of the US Government - National Credit Union Administration.
How you can join!
One $25 share is all it takes to open your share savings account. This basic savings account qualifies you as a MVFCU member and entitles you to all the benefits and privileges of the credit union.
History of MVFCU
Matanuska Valley Federal Credit Union (MVFCU) was chartered December 7, 1948. Credit unions hold the philosophy of “people helping people”, which is why this hometown credit union was established by farming residents of the area. There were 20 members reported the first month with an initial share balance of $395.00. Growth was slow at first and all work was done by volunteers. Through the perseverance and vision of many MVFCU pioneers, the credit union has grown and thrived.
The ‘70’s brought many changes. In 1971, the first full-time manager was hired. It wasn’t long before assets reached over $1 million. The credit union made the technology plunge and began utilizing a computer system. The Willow and Wasilla offices were opened to better serve members. Share drafts were added to the services provided.
In the early ‘80’s the Alaska Option/Automated Teller Machines (ATM’s) were installed. In an effort to provide further reaching financial benefits the Plan America office began servicing members in 1993. The last half of the decade meant more changes and growth as Visa CheckCard, Easy Access PC and the World Wide Web site were offered. The Eagle River office, the Big Lake office and the Mortgage Services Department were opened. At the end of 1998, celebrating 50 years of service to members, assets reached beyond $100 million with over 21,000 members.
Thanks to the volunteers, staff and members, MVFCU has seen many improvements and member benefits added over the years. We look forward to many more years of serving our community!
...membership shall be as set forth in the attached bylaws
and any amendments thereto or thereof approved pursuant
to Section 8 of the Federal Credit Union Act
IN WITNESS WHEREOF we have hereunto
subscribed our names this 7th day of December, 1948.
Carl R. Rasmussen
Simon J. Newcomb
James W. Wilson
History of Credit Unions
Credit unions are a financial cooperative. They are member owned, democratically run and have a volunteer board chosen from the membership, by the membership.
Hermann Schulze-Delitzsch put forth effort for credit unions in order to help combat poverty and created a credit union in Germany in 1852. Friedrich Wilhelm Raiffeisen is remembered as the father of the credit union movement. In 1864 as Mayor of Flammersfeld, Germany, he asked his people to pool their savings and make loans to one another at reasonable rates. The principles he used to establish the credit union are still fundamental today. He went on to start more than 425 credit unions.
Alphonse Desjardins, a Canadian journalist, brought the idea of credit unions to North America. In 1901 he opened the first North American credit union in Quebec, Canada.
Not long after, Edward Filene, a wealthy department store owner heard about credit unions and was convinced they would help people. Pierre Jay, a bank commissioner in Massachusetts, reached the same conclusion. He and Filene met with Desjardins, who helped them start the first credit union (St. Mary’s Bank) in the United States, namely, Manchester, New Hampshire.
Filene hired a lawyer by the name of Roy F. Bergensen. By 1921, they had started a national organization to promote credit unions. In 1934 this organization became known as the Credit Union National Association (CUNA) focusing on serving credit unions and has continued to do this important job.
In 1934, the Federal Credit Union Act, a federal law allowing credit unions to be incorporated in any state in the country, was signed by President Franklin D. Roosevelt.
History of Cooperatives
Cooperatives are businesses, in many ways like any other business. But a cooperative belongs to the people who use it, and it operates solely for the members’ benefit. Cooperatives vary, but all co-op businesses run in accordance with seven basic principles, many of which have been part of the co-op philosophy from their beginnings more than 150 years ago.
1. Open and voluntary membership. It’s important that members choose voluntarily to become members. Coerced membership would be meaningless.
2. Democratic member control. Members ultimately control their cooperatives, in a democratic manner.
3. Member economic participation. “Cooperatives operate so that capital is the servant, not the master, of the organization.”
4. Autonomy and independence. While governments determine the legislative framework within which co-ops function, this principle asserts that co-ops also have an “essential need to be autonomous in the same way that enterprises controlled by capital are...”
5. Education, training, and information. This principle says members can play their role in the cooperative only when they understand that role and the co-op.
6. Cooperation among cooperatives. Cooperators believe that co-ops have a unique opportunity to protect and expand the interest of ordinary people. This kind of one-for-all and all-for-one idea is unique among businesses.
7. Concern for community. Cooperatives exist primarily for the benefit of their members. Because of this strong association with members, they also are often closely and actively tied to their communities.
Ben Franklin helped establish the first co-op in Philadelphia in 1752. In 1844 a poverty stricken area organized a cooperative in Rochdale, England. That same year, cooperative theories were developed. Credit societies were a part of that effort.