Statement of Commitment to Members
At Clinchfield Federal Credit Union, the members come first. We promise to offer honest, fair service to all members, always having your well-being as our top priority. We promise to treat every member with respect and dignity. We strive to serve our members’ financial needs by delivering our products and services with the utmost convenience and professionalism. While maintaining a sound financial position, Clinchfield Federal Credit Union provides a wide range of valued financial products and services and gives members a feeling of personal identity and belonging as an owner in the credit union.
As a member-owned, not-for-profit financial cooperative, Clinchfield Federal Credit Union is committed to providing solutions for the financial needs of our members. We will fulfill our obligations to the member-owners and the needs of the communities in which they live. We will uphold our fundamental responsibility to actively serve people within our field of membership with a range of products and services delivered to the diverse economic and social make-up of our members and potential members.
We will monitor and communicate our service to members in a meaningful way so that members, potential members, legislators, regulators, and the community at large will understand and appreciate the unique role that member-owned financial cooperatives play in their lives. We will continually, in all facets of operations, demonstrate the value of membership in Clinchfield Federal Credit Union.
Throughout Clinchfield Federal Credit Union’s operation, we will put forth every effort to enable our members to become financially self-sufficient and successful. We will consistently strive to deliver value and efficiency in the products, services and information we provide, living up to our promises and exceeding expectations to be known as a caring financial institution, “Where people are worth more than money.”
This Statement of Commitment to Members represents the beliefs and philosophy of Clinchfield Federal Credit Union. We will continue to provide our members with the respect that they deserve and the excellent service that they have come to expect. This statement represents sound business practices that ensure the financial strength of our credit union on behalf of our members.
Section 1: Service to Members
Clinchfield Federal Credit Union services are designed to improve the economic and social well being of all members from all socio-economic backgrounds, including those of modest means, and to return value to those who participate in our member-owned financial cooperative.
Current Services that Help Improve the Economic and Social Well Being of Our Members:
A variety of consumer and real estate loans are offered at low rates and flexible terms.
Share Account Savings
Regular share accounts are opened with a low minimum balance of $25, and there are no maintenance fees.
Share Draft Checking
Free checking accounts are available to offer members the flexibility and convenience needed to manage their money. There is no minimum opening deposit, balance, or monthly maintenance fee. Unlimited check writing, free Debit Card, and free ATM transactions are provided to the member.
Certificates can be opened with a minimum balance of only $1,000, allowing members the flexibility to lock in attractive interest rates guaranteed for the length of time that best suits the member’s needs. Certificates are available with terms ranging from three months to 60 months.
A $5 minimum deposit is needed to open a Christmas Club account. The balance, plus interest, will be transferred to the member’s share account in November.
Share draft checking accounts offer overdraft protection from the member’s Share savings account for a low $1 transfer fee.
VISA credit card is available to members with an attractive interest rate of 10 – 16%
Individual Retirement Accounts
Clinchfield Federal Credit Union can help members save for those golden retirement years with attractive annual percentage yields.
Notary Service, Direct Deposit Service, Coin Machine in Lobby, Payroll Deduction Service, Teller Checks (1 per day)
All provided to the member at no charge.
Section 2: Member Education
Clinchfield Federal Credit Union understands the importance of education in ensuring the financial well-being of our members. We are enthusiastic advocates for financial literacy among members and consumers alike. We are committed to educating members and consumers about credit union uniqueness, philosophy, and values. The member education programs cover a wide range of knowledge and are delivered in a variety of ways.
Current Programs that Support Member Education and Advocacy:
Each quarter, our newsletter contains valuable education for members related to credit union uniqueness and philosophy.
High School Workshops/Student Branch
Our credit union regularly conducts sessions in our high school and provides a student branch for transactions, new accounts, and learning opportunities.
Member Resource Materials
In our lobby we provide a resource center with buying publications and education brochures related to pertinent credit union information.
STAR (Staff Training And Recognition) Program
All credit union employees participate in training that reviews credit union philosophy, terms, differences between banks and credit unions, and general processes.
VAP (Volunteer Achievement Program)
Board of Directors participate in training sessions related to the duties and responsibilities of the volunteer positions they hold.
Off-Site Director and Employee Training
Annual training sessions, employee retreats, and strategic planning sessions are provided to the directors and employees in order to stay abreast of changing rules and regulations in credit union processes.
Section 3: Involvement & Governance
Clinchfield Federal Credit Union strives to preserve credit union democratic principles, including demographic representation and non-paid volunteer participation in credit union activities.
Current Programs that Support Involvement and Governance:
Elections are held at the annual meeting.
Members are invited and encouraged to attend.
Board of Directors
The Board is ultimately responsible for establishing policy direction of the credit union. The Board is a non-paid, volunteer body.
Board of Advisors
This is an invaluable employee benefit to sponsor companies an opportunity to offer their employees low cost, high quality financial services. This partnership between the credit union and the SEG's allows joint participation in company events, notification of important company-related updates/changes, and posting of pertinent information on company bulletin boards.
The Supervisory Committee advises the Board of all external audit or examination reports and recommendations and coordinates an annual examination by a competent external audit firm. The committee is a non-paid volunteer body.
Section 4: Diversity
Clinchfield Federal Credit Union recognizes the value of demographic diversity in staff, as well as in volunteers, and strives to bring people of diverse backgrounds and experiences into leadership and other roles at the credit union.
Current Programs that Promote Diversity:
Equal Opportunity Employer
Clinchfield Federal Credit Union considers all applicants without regard to race, color, creed, national origin, religion, handicap, age, gender, marital status or sexual orientation, as provided in Title VII of the Civil Rights Act of 1964.
The Clinchfield Federal Credit Union Board of Directors actively recruits volunteers to serve on various committees, which ensure that members are readily available to step into a Board position should a vacancy arise. A concerted effort is made to ensure that Board members and volunteers are representative of the Clinchfield Federal Credit Union membership.
The importance of demographic diversity in the makeup of our credit union staff is recognized and valued. We strive to celebrate commonality and learn from differences among our employees. We appreciate diverse background and experience brought to our credit union by our employees. We encourage staff to share their values and beliefs and work to accommodate special requests when needed.
Unicoi County Chamber of Commerce
The credit union supports the Chamber of Commerce through assistance by our staff in various Chamber activities.
Section 5: Commitment to the Credit Union Movement
Clinchfield Federal Credit Union works to build and strengthen our unique credit union movement by providing financial and in-kind resources to others within the credit union community, and by actively advocating the credit union difference at all levels of government and in other appropriate public forums. In addition, Clinchfield Federal Credit Union participates in local, state and national cooperative activities as appropriate, and strives to build and strengthen relationships with other sectors of the national cooperative movement.
Current Activities that Support the Credit Union Movement:
Local Credit Union Mentoring
Other credit unions regularly visit our credit union to learn from our benchmark processes we have established. Our computer programs and loan department procedures have been modeled in other local credit unions.
Continuing Education for Staff
Clinchfield Federal Credit Union provides tuition assistance for post-high school education so that employees may further their careers in the credit union movement.
Clinchfield Federal Credit Union Management actively participates in legislative affairs activities at local, state and national levels through attendance at regular meetings with elected officials. Management regularly attends at the Governmental Affairs Conference in Washington D.C., as well as participates in local activities and fundraisers for legislators representing Clinchfield Federal Credit Union’s communities.
Section 6: Public Service & Corporate Citizenship
Through direct financial support or other in-kind contributions to worthwhile local organizations, and by participating in public service activities, Clinchfield Federal Credit Union strives to be an active partner in our community. We recognize that practicing good Corporate Citizenship supports the credit union philosophy of “People Helping People.” Furthermore, it will help raise the overall level of social and economic well being of those in our community, help to strengthen ties within the community, and better position us to reach out and serve-as only credit unions can-those people in greatest need of affordable financial services.
Community and Field of Membership Groups Receiving Financial, Volunteer, or In-Kind Support:
- Community Shred Days
- School System Support
- Christmas Gift Program
- Relay for Life Team
- Kiwanis Club
- Monroe Foundation
- Unicoi County Chamber of Commerce
- Volunteerism in churches, school financial education programs, and civic events
- Student fundraising activities, including Local Little League, School Sports Programs, and Tournament Support