Who We Are
Worcester Credit Union began serving members in 1934 as Worcester Teacher’s Credit Union. The maximum loan amount was $100, at an interest rate of 6%; dividend rates were 2 percent. The original credit union was open every Friday during the school year from 3:30 p.m. to 5:00 p.m. The ensuing years brought a pair of mergers; first with the Worcester DPW Credit Union in 1969, which led to the emergence of Worcester Municipal Employees Credit Union. Then, after a 1998 merger with Worcester County Courthouse Employees’ Credit Union, the merged credit unions became Worcester Credit Union.
Since inception back in 1934 and throughout the mergers along the way, Worcester Credit Union has been committed to proudly serving the teachers, administrators, City of Worcester employees, and their families located in and around Worcester. Our field of membership has expanded over the years and now becoming a member is easier than ever.
Worcester Credit Union is a State Chartered Credit Union, regulated by both the Division of Banks and the NCUA. Our Board of Directors is an all-volunteer group committed to the credit union’s members and equally committed to the communities and groups we serve. They work to promote the success and integrity of Worcester Credit Union.
As a financial institution Worcester Credit Union is small but mighty. We currently serve 6,985 members with two locations; $101 million in assets; and a complete suite of products, services, and technologies to meet our members’ saving, borrowing, and service needs. Our staff members are eager to help you reach your financial goals — today and into the future.
Your membership with Worcester Credit Union brings you peace of mind from knowing that every dollar you have on deposit is fully insured with both the NCUA up to $250,000, and MSIC for deposits exceeding $250,000. You have the commitment of Worcester Credit Union management and staff to happily help you navigate each phase of your financial life and all the challenges that arise.
Last but certainly not least, we are also committed to the communities we serve. We actively seek opportunities to be of help, as demonstrated by volunteerism and donations from the credit union and our staff to improve the quality of life in our neighborhoods.
1. Voluntary Membership
Credit unions are voluntary, cooperative organizations, offering services to people willing to accept the responsibilities and benefits of membership, without gender, social, racial, political or religious discrimination. Many cooperatives, such as credit unions, operate as not-for-profit institutions with volunteer boards of directors. In the case of credit unions, members are drawn from defined fields of membership.
2. Democratic Member Control
Cooperatives are democratic organizations owned and controlled by their members –one member, one vote – with equal opportunity for participation in setting policies and making decisions.
3. Members’ Economic Participation
Members are the owners. As such, they contribute to and democratically control the capital of the cooperative. This benefits members in proportion to their transactions with the cooperative, rather than on the capital invested. For credit unions, which typically offer better rates, fees and service than for-profit financial institutions, members recognize benefits in proportion to the extent of their financial transactions and general usage.
4. Autonomy and Independence
Cooperatives are autonomous, self-help organizations controlled by their members. If the cooperative enters into agreements with other organizations or raises capital from external sources, it does so based on terms that ensure democratic control by its members and maintains the cooperative autonomy.
5. Education, Training & Information
Cooperatives provide education and training for members, elected representatives, managers and employees so they can contribute effectively to the development of the cooperative. Credit unions place particular importance on educational opportunities for their volunteer directors and financial education for their members and the public, especially the nation’s youth. Credit unions also recognize the importance of ensuring the general public and policy markers are informed about the nature, structure and benefits of cooperatives.
6. Cooperation Among Cooperatives
Cooperatives serve their members most effectively and strengthen the cooperative movement by working together through local, state, regional, national, and international structures.
7. Concern for Community
While focusing on member needs, cooperatives work for the sustainable development of communities, including people of modest means, through policies developed and accepted by the members.