Apple Federal Credit Union
Alumni and Friends Association (LAFA) has become a member of the Apple
Federal Credit Union (AFCU).
this mean to you? As a
LAFA member * you too can avail yourself of Apple’s financial
services. If free checking and higher rates of return on your money
are of interest to you, then AFCU might be for you.
Click the following link: www.applefcu.org
to learn more about Apple Federal Credit Union. On the application, indicate you are an alumni and a LAFA
member in the Eligibility for Membership section.
Board of Directors and all R.E. Lee High School alumni would like to
sincerely thank Apple Federal Credit Union for its generous, and most
importantly, continuing annual contribution of $500 toward the LAFA
scholarships of two $1000 grants presented each year since 1999 to Lee
seniors. One of the
scholarships will be named the AFCU-LAFA scholarship and presented at
this year’s Senior Awards Ceremony.
union is different than a commercial bank.
A credit union is a nonprofit financial institution organized
to provide checking and savings accounts, loans and other financial
services to its members. It is both owned and controlled by its
members, with each member having an equal vote and the opportunity to
serve on the board of directors. Credit unions are either state or
federally chartered. State-chartered unions are supervised by a state
regulatory agency. Those with federal charters are supervised by the
National Credit Union Administration. Much as bank deposits are
guaranteed for up to $100,000, credit union accounts are insured for
up to $100,000 each by the National Credit Union Share Insurance Fund.
unions often offer very competitive rates on everything from savings
accounts to auto and home loans, in part because they are nonprofit
institutions and have no income taxes to pay and no investors to
satisfy. They also have lower marketing costs and overhead than
commercial institutions. Thus, they can pay their members
above-average rates on deposits and charge below-average rates on
loans and credit cards.
membership in LAFA is $20.00. Two
and three year memberships are $30 and $40 respectively.