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Apple Federal Credit Union

Lee Alumni and Friends Association (LAFA) has become a member of the Apple Federal Credit Union (AFCU).

What does 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. 

Thanks AFCU. 

The LAFA 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. 

CREDIT UNION PRIMER:

A credit 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. B 

Credit 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. 

* Annual membership in LAFA is $20.00.  Two and three year memberships are $30 and $40 respectively.