Win $50 at the Employee Federal Credit Union

Win $50 at the Employee Federal Credit Union

The St. Thomas Employee Federal Credit Union is offering a raffle for any employee who either starts an automatic payroll deduction to his or her share account, or increases the amount of an existing deduction. The raffle prize is a $50 deposit to a share. The drawing will be held on Friday, Oct. 20, at the end of the 2006 International Credit Union Week. 

The St. Thomas credit union has been in existence since January 1949, although at that time it was the St. Thomas College Federal Credit Union. When the College of St. Thomas became a university, the CU changed its name to the St. Thomas Employee Federal Credit Union. What started with a group of seven employees who purchased a total of 30 shares ($150) now has grown to 1,056 members with $2,252,650 in assets (8/31/06).

Any UST employee, or family member of an employee, is eligible to join the CU.  Joining is as simple as filling out a membership card and depositing a minimum of $5, which purchases one share in the credit union.  The credit union is a co-op and is owned by the members.  It offers share (savings) accounts, a Christmas Club account, and loans to a cumulative loan limit of $40,000 per member.  Automatic payroll deduction, with deductions from all 26 paychecks each year, is offered by UST and is a very convenient way to save and make loan payments.

The credit union is overseen by the National Credit Union Administration, a U.S. government agency that insures all funds up to $100,000 per account holder.

To find out more about the CU, or to request a payroll deduction authorization-change form, call (651) 962-6660, e-mail the credit union, or stop by the CU office in Room 209, Loras Hall.  The CU office is open from 3 to 6 p.m. Mondays, and from 10 a.m. to 1 p.m. Tuesdays, Thursdays and Fridays.  CU forms (membership card and information, payroll forms, loan applications) also are available in a rack across from the office; this area is accessible any time that Loras Hall is open.