Scranton Times Downtown Federal Credit Union traces its roots back to 1963 when our country was experiencing economic and social uncertainty. Our original field of membership began with the Scranton Times employees, as well as the employees of WEJL radio station and the Scranton Engraving Company. Many of our original sponsor company’s employees had lost their faith in banks, so they pooled their extra money together and allowed it to be borrowed at a low-interest rate. Hence, Scranton Times Downtown Federal Credit Union was born. The organization has continued to thrive over the years through the efforts of many volunteers who are dedicated to the credit union philosophy.
Today we service the personal financial needs of over 3,300 members with assets totaling over $6 million. In addition to our founding sponsor groups, all other Times publications, eight radio stations, the Scranton Lace Company, and Laurel Hill and Holiday Manor Nursing Homes are part of our field of membership.
Additionally, the Amalgamated Clothing and Textile Workers Credit Union merged with us in 1988. Anyone who lives, works, worships, or attends school within the Downtown Scranton area is eligible to join the credit union. Additionally, all family members of the individuals are also eligible to join.
Because we are not-for-profit financial organization, our success is measured by the level of member satisfaction, not the bottom line.
While attempting to satisfy the needs of an individual member, we never lose sight of the commitment we have to ALL of our members – to protect the financial integrity of THEIR financial institution.
As a federally-insured credit union, we are audited on an annual basis. We are proud that we consistently receive high ratings and represent the type of financial institution that are members can take pride in being associated with.
*We constantly strive to improve both the quantity and quality of products and services available. Although we have grown over the years, we have never lost sight of our primary purpose, to deliver financial products in a prompt, professional and courteous manner. At Scranton Times Downtown Federal Credit Union, “people helping people” is not a catchy slogan, it is what we practice every day!
We look forward to your company and employees becoming part of our growing family and realize the many benefits associated with membership in Scranton Times Downtown Federal Credit Union.
Not for Profit – Not for Charity – But for Service
The Scranton Times Downtown Federal Credit Union is a member-owned and operated not-for-profit financial organization.
Our primary purpose is to promote thrift and provide a full range of financial services at fair and competitive rates while always maintaining our financial stability. Our Credit Union will maintain a constant awareness and openness to future programs and policies to meet the changing needs of our members while keeping in mind The Credit Union philosophy and concept.
What is a Credit Union?
Credit unions are not for profit cooperative associations that offer a variety of personal financial services exclusively to their members. People who join a credit union do so because of a “common bond”, such as a place of employment, an organization, or a church group.
Credit unions are not a new concept. Their origins go back to mid-19th century Europe. At that time, a group of local farmers pooled their resources to purchase supplies at a lower cost. They also agreed to place their excess earnings during periods of good harvest in a common account. In return, participants could then borrow from the “common account” at a lower interest rates during periods of poor harvest. In the early 1900’s, the credit union concept of “people helping people” was introduced into the United States by Edward Filene, a Boston Merchant. The first U.S. credit union, St. Mary’s Cooperative Credit Association, was established in 1909 in New Hampshire and is still in operation.
Unlike other types of financial institutions that must generate a profit for stockholders, credit unions are member-owned , not-for-profit, cooperative financial organizations. As such, excess earnings are returned to the members, primarily in the following returns:
- Competitive dividend rates paid on savings and investment accounts.
- Competitive interest rates on loans.
- The addition of new product and services.
The products and services offered and the methods used to conduct business have changed over the years. Credit unions now take advantage of today’s technology to meet the ever-changing needs of members. However, the basic philosophy envisioned by our founding fathers has not changed – that of “people helping people.”
Benefits of direct deposit
We encourage each of our sponsor employee groups to make Direct Deposit and Payroll Deduction available to their employees who join the credit union. With Direct Deposit, employees’ entire net pay is automatically deposited into their credit union accounts. With Payroll Deduction, all or a portion of their net pay is deposited into their credit union accounts. Both offer you and your employees benefits, such as: Scranton Times Downtown Federal Credit Union is set up to accept electronic transfer of funds. Utilizing this service could save your company money associated with payroll processing.
Because employees will know that their money is automatically in their accounts on payday, you will lose less productivity caused by “running out to the bank,” “rushing to make a loan payment,” etc. This service encourages employees to save and can help them more effectively manage their personal finances. We can work with you to set Direct Deposit and Payroll Deduction. Once in place, we are confident that you will appreciate the value this service offers both you and your employees.
Click for current rates
Share Rates Effective 10-31-2014
|12-month Share Certificate||.20||.21*|
|24-month Share Certificate||.30||.31*|
|*varies based on amount and compounding|
|Share Cert. Sec.||4.50%||DPR||.012329|
|Repayment:||<4 yrs:||60 mon|
|4-6 yrs:||48 mon|
|>6 yrs:||36 mon|
***All rates are subject to change by the Board.
PRODUCTS & SERVICES
In today’s complex financial world, our products and services are tailored to meet our member’s needs.
Savings and Investment Accounts
- Regular Share Savings Accounts Club Accounts (Christmas and Vacation)
- Individual Retirement Accounts (IRAs)
- Share Certificates
- New/Used Vehicle Loans
- Home Equity Loans
- Signature Loans
- Shared Secured Loans
- Student Loans
- Co-Maker Loans
- No Monthly Fees, Per Check Fees or Minimum Balances
- First 180 Checks Are Free
- Checks Stored On Microfilm
- Duplicate Copy Checks
- Free Overdraft Protection
VISA Credit Card
- Low 12.9% APR
- No Annual Fee
- 25 Day Grace Period On Purchases
- ATM Access
- Free VISA Accident/Travel Insurance
- VISA Gold Card at 9.90%
- ATM Withdrawal Access
- Debit Card Access
- More Convenient Than A Checkbook
- Around-The-Clock Access
- Thousands Of Locations Nationwide
- Make Purchases Anywhere VISA Is Accepted
- Overdraft Protection
- ACH Direct Deposit
- Payroll Deduction (Government, Retirement and Payroll)
- American Express Travelers Checks and Gift Checks
- Family Membership
- Loan Protection and Credit Disability Insurance
- Life Savings Insurance ($1,000)
- Postage Stamps
- Free Notary Service
MEMBER NOTICE: In case of disruption of service you can call the Main Office at 348-9192