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Belvoir Federal Credit Union was organized in 1946 by employees of the Engineering Center on Fort Belvoir, Virginia. Since that time, we have expanded to serve the entire Fort Belvoir community and several Select Employee Groups. In the past 60 years we have grown into a full-service financial institution with over $250 million in assets and almost 30,000 members worldwide.
Membership Application
We pride ourselves on providing our members with not only the products and services they want, but also the financial security they need. As a federally insured credit union, each of our members’ deposits are insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF). The strongest of all federal deposit insurance funds, the NCUSIF currently holds approximately five times more in reserve for every $100 on deposit than the Bank Insurance Fund.
| Credit Unions |
Banks |
| Are not-for-profit institutions |
Are profit-oriented institutions |
| Can serve only those individuals within their field of membership |
Can serve anyone in the general public |
| Have members, each person who deposits money has a share of ownership |
Have customers with no ownership in the organization |
| Members elect a volunteer Board of Directors to represent their interests |
Have a paid Board of Directors who represent the owners; customers do not have voting privileges |
| Democratically controlled by members |
Controlled by stockholders and paid officials |
| Are member service-driven |
Are profit-driven |
| Return profits to members in the form of lower loan rates, higher savings rates and free or low cost services. |
Return profits to a small group of stockholders |
| Are federally insured by the National Credit Union Administration |
Are federally insured by the Federal Deposit Insurance Corporation |
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