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What is a Credit Union?
Credit Unions are not-for-profit financial institutions owned by their members, the members themselves enjoy the benefits of ownership in the form of lower rate loans and higher rate savings yields.
Do I qualify for membership?
Knoxville Teachers Federal Credit Union is chartered to serve a field of membership consisting of teachers and other employees of Knox County Schools, as well as public, private, and parochial schools in Knox and surrounding counties. A growing number of our members are employed by Anderson County Schools, Clinton City Schools, and Oak Ridge Schools. Immediate family members of qualifying employees may also join the credit union. (Immediate family members are defined as mothers, fathers, sisters, brothers, sons and daughters.) Full membership includes a wide range of services ranging from the “World’s Best Share Draft” checking to low interest rate loans for almost any purpose.
Requirements for membership?
Once qualification is verified. The only requirement for membership is that each member maintains a minimum balance in the primary Shares (Savings) account of $250.00. Minimum balance may be met (a) deposit (b) loan proceeds (c) $20.00 per month payroll deduction to your shares from school payroll.
During the deepest months of the Great Depression, in February of 1932, seven Knoxville City Schools teachers each decided to pool their resources to start a credit union and deposited $5.00 into it. The purpose of the credit union was to provide a resource for teachers to call on in times of need. For many years the credit union had no office to call home; all credit union business was actually carried out from the briefcase of the first treasurer/manager.
Since those humble first days, Knoxville Teachers Federal Credit Union has grown into one of the largest credit unions in Tennessee, while still holding true to our original charter – serving Knoxville area school employees and their families. Our members are served from a network of eleven offices throughout Knox and Anderson counties, as well as offering a 24 Hour Telephone Teller and an internet-based Virtual Branch.
Services offered include high-rate federally insured savings (shares), competitive consumer and mortgage loan rates for any good purpose, dividend-earning share draft checking, ATM and Visa CheckCards, low-rate auto loans, auto pricing guides, internet-based bill payment, eStatements, and limited financial counseling.