About Us
WHAT IS A CREDIT UNION?
A Credit Unions is a not-for-profit financial cooperatives that exist to serve its members rather than to maximize corporate profits.
MEMBERS OWN THE CREDIT UNION
We offer most of the same financial services and products as a bank but the BIG difference isin structure and philosophy because members are not just customers, they are part owners; they are the shareholders. This is why your account is called a “share”.
WE OPERATE DEMOCRATICALLY
The Board of Directors, volunteers from the membership, are elected by the membership. Each credit union member, no matter how much they have Invested in the credit union gets one ballot and an equal vote in how the credit union is operated.
WE ARE A NOT-FOR-PROFIT CORPORATION
We make decisions based on member/shareholder needs not stockholder profits. All our profits are returned to the membership in the form of higher savings interest rates, lower loan and credit card interest rates, lower fees, and better more personalized service.
OUR HISTORY
Cambridge Teachers’ Federal Credit Union has remained a strong, secure, and highly rated financial institution, since 1939 when it was founded by school employees. Our Credit Union is a non-profit organization, owned, and operated by its members, who elect a Board of Directors annually. Membership is the heart of the Credit Union.
As of May 31, 2024, Cambridge Teachers Federal Credit Union has merged with Webster First Federal Credit Union and has become “Cambridge Teachers, a division of Webster First Federal Credit Union.” Learn more >