Credit union celebrates 60th anniversary
A handful of Rutgers employees banded together to create and charter the Rutgers University Federal Credit Union in February of 1954. In June of that same year, they changed the name to the current Rutgers Federal Credit Union.
The RFCU is celebrating its 60th anniversary this year, said Joanne Fabian, vice president of the credit union.
While credit unions provide the same services as banks, a credit union is a not-for-profit company. Fabian said RFCU provides loans, savings accounts, student loans, home banking and debit cards, among others, exclusively for Rutgers students, faculty and staff.
“A lot of people use this as their primary financial institution,” she said.
Previously, the RFCU provided its services to faculty and staff alone. In April 2011, the 60-year-old credit union opened its services to students.
“We’re building our base of students, but for now, we have more faculty and staff,” Fabian said.
The credit union will be celebrating its anniversary throughout the year at events such as Rutgers Day on April 26.
The RFCU has four branches: one on the College Avenue campus, one on Busch campus, a branch at Rutgers-Newark and one at Rutgers-Camden.
The College Avenue office is the only building not owned by the University, but leased from the Second Reformed Church.
The credit union recently changed its mission statement to “helping the Rutgers University community with life’s financial challenges.”
“We’re like a benefit, as a part of an employment or student benefit — we’re not here for anybody but Rutgers people,” Fabian said.