In the spring of 1971, Dr. Milton Eisenhower, President of The Johns Hopkins University, was asked to lend his support to the formation of the Credit Union, which would benefit the faculty and staff. Supported by the Administration, a small group of seven individuals convened for the first time on April, 29, 1971.
On May 14th, in accordance with Federal Credit Union membership regulations, each of these members deposited $5.00 into an account at the Maryland Credit Union League. The National Credit Union Administration granted The Johns Hopkins Federal Credit Union charter #20623 on June 2nd. JHFCU became fully operational on October 1, 1971, when the payroll deduction system went into effect.
The closing statement for the first year showed 744 members and assets of $51,000. One hundred fifty-three loans of $46,233 had been made. Today the figures are much more substantial. We have grown to over 34,000 member accounts and have assets of over $200 million, making us one of the largest credit unions in the state.
We've come a long way since those early days of organization, and our services have expanded greatly. JHFCU owes a debt of gratitude to those individuals who, through the years, have volunteered their time and energy to make the Credit Union the success it is today.
The Johns Hopkins Federal Credit Union is owned and operated by its members. The administration includes a 13-member volunteer Board of Directors, who set general policies; a Supervisory Committee whose members provide an internal check on financial and operational matters; and an Appeals Committee, whose members ensure the adherence to loan policies.
Board members are chosen in an annual election; the Supervisory Committee and Appeals Committee members are elected by the Board of Directors. All are volunteers, taking time from their jobs to serve the Credit Union and its members.
The mission of The Johns Hopkins Federal Credit Union (JHFCU) is to provide its members with competitive, high-quality financial services, while remaining strong, secure and reliable in its operations.
You might wonder what benefits you get from JHFCU membership. This section will outline why joining a credit union can make your financial life much easier.
At JHFCU, we know that banking is an errand, and that financial services are a necessity. However, it is our view that we should make your experience at JHFCU as pleasant as possible and that over the course of your relationship with JHFCU you would look to us as a trusted source for deposits, loans, and other financial needs.
The reason we feel so strongly about providing benefits to our members is due to our ownership structure. While banks are owned by a person, group of persons or stockholders who hope to reap the profits made by the bank, a credit union is owned by its members. So if you have money in an account at JHFCU, you are an owner of the organization. That being said, all revenues benefit you in the form of better rates, lower fees, or they are invested into the infrastructure to provide you better service in the future.
JHFCU will always offer very competitive rates and fees in order to provide our members value. Occasionally you might find a better rate offered elsewhere or a different fee, but in total your JHFCU membership could save or earn you thousands of dollars.
JHFCU was formed in 1971 by a small group of Johns Hopkins University employees, and for over 30 years has retained the primary focus of serving Hopkins and its various related entities. We are a benefit to the Hopkins employees, and as such, we are familiar with the other benefit programs, the payroll system, and more. We are able to better understand our members and thus serve you better.
Once you become a credit union member, you are a member for life, even if you leave the employing institution you became eligible through or move to another location. Click here for a list of eligible groups in our field of membership.
The National Credit Union Administration (a U.S. government agency) insures member deposits to at least $100,000. Click here for details.
JHFCU offers its members a wide range of benefits and services, including:
Find out how easy it is to start taking advantage of a lifetime of financial benefits. Click here to find out more about joining JHFCU!
