Credit union benefits | blog.firstffcu.com

A credit union isn’t just a place to direct deposit your paycheck or withdraw cash – it’s your trusted partner in achieving financial wellness. No matter what chapter you’re in and the financial goals that come with it, a credit union can play a key role in giving you access to the tools and resources you need to achieve them. Here are five ways a credit union can support you in achieving financial wellness.

Establishing Your Everyday Banking Habits

Many people open their first account because it’s an essential tool for managing money in today’s world. Your financial journey often begins with a basic checking and/or savings account, to help manage your money.

Managing Daily Transactions: Your account provides a secure place to deposit money and use it to pay bills, make purchases, send and receive money, and save for your financial goals.
Access Money & Monitor Spending: What do debit cards, ATMs, online banking, and mobile banking apps have in common? They all give you convenient access to your money virtually anytime, anywhere. One credit union might have different tools than another, but they likely share the same goal – increasing convenience and accessibility to your money. Certain credit unions like First Financial, participate in a co-op ATM network – where their members have nationwide surcharge-free access to ATMs, so you can access your money wherever you are without additional fees. Tools like mobile banking help you monitor spending on the go, making it easier to budget and track your expenses.
Simplified Money Management: Today’s financial tools make money management simplified. Direct deposit allows money to be transferred to your bank account electronically, eliminating the need to visit your financial institution or wait extra time to access your money on payday. Remote deposit capture can help you deposit checks on-the-go and outside of regular banking hours. Automatic payments and recurring and external transfers can help ensure you never miss payments, or saving for your financial goals.

Safeguarding Your Hard-Earned Money

A credit union can play a key role in helping protect everything from your account information to your money. A big aspect is account monitoring and fraud prevention. Many credit unions offer digital tools that allow you to keep an eye on your accounts and transactions in real time. For example, First Financial offers various tools to help members conveniently and securely manage their First Financial cards. You can turn cards on and off at your discretion, report lost or stolen cards with a couple of clicks, and more.

Certain accounts offer financial security by giving you a reliable way to store your money and protect it from loss. Just like banks are insured by the FDIC, federally insured credit unions are backed by the National Credit Union Administration (NCUA). Member deposits are protected up to $250,000, ensuring financial security and peace of mind.

Achieving Financial Milestones

The milestones and financial goals you strive for often change with the phase of life you’re in. Credit unions can help you pay for life’s big purchases, which can be a valuable tool in reaching these financial goals. In the case of making larger purchases like a home, credit unions are one of the primary avenues through which individuals borrow money to obtain a mortgage loan.

Personalized Support Through Every Stage

Along with the products and services used to reach milestones and financial goals, your credit union can also provide personalized guidance to help you navigate life events. Your financial institution might be able to identify products and services that align with your evolving financial needs, helping you create a plan for reaching short and long-term goals.

Access to Educational Resources

Many credit unions provide access to low or no-cost reliable financial education to empower you with knowledge and confidence to make informed decisions. They might post tips on social media, make educational material available in their branches, or publish articles like First Financial does weekly on our First Scoop Blog. Financial education is always important, whether you’re opening your first account or buying your first home. You might also find educational resources about common scams and fraud prevention, which is important since you’re typically the first line of defense in protecting your sensitive information from fraudsters.

Financial wellness is a journey, shaped by the decisions you make every day and those who help you make those decisions along the way. If you haven’t explored the resources available at a local credit union, consider taking a closer look – you might find a plethora of tools you can begin using to support your journey on the road to financial wellness.

At First Financial, we strive to provide the resources our members need to achieve financial wellness. As a not-for-profit financial cooperative, we pride ourselves in having our members’ best interests in mind in everything we do. Contact us or visit a local branch to see how we can help support your financial wellness journey with confidence.

*A First Financial membership is available to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account. Contact the Credit Union for more information.

“We thank our valued members for their continued support, loyalty, and membership with us over the past 89 years. Our commitment to serving their financial needs is our top priority today and everyday.” -Issa Stephan, President/CEO (pictured above).

Today marks an exciting milestone for First Financial Federal Credit Union — we’re celebrating 89 years of service! Since we were founded back in 1936, we’ve remained committed to providing members with financial solutions that prioritize their needs. As we honor our history, we also recognize why credit unions like ours continue to be a great choice to help manage your financial future.

A Brief History of Credit Unions

The concept of credit unions dates back to 1849 when Friedrich Raiffeisen established the first cooperative lending institution in Germany, designed to provide financial access to underserved communities. By 1900, word had spread all the way to Quebec, Canada, where Alphonse Desjardins founded the first cooperative financial institution in North America. The concept was soon adopted by Pierre Jay, the Finance Commissioner of one of America’s great pioneer states – Massachusetts.

In the United States, credit unions gained traction in the early 20th century, leading to the passage of the Federal Credit Union Act in 1934, by President Franklin D. Roosevelt – which allowed for the creation of federally chartered credit unions nationwide. Over the years, credit unions have grown into trusted financial institutions that continue to put people over profits, offering their members a community-focused alternative to traditional banking.

The Story of First Financial

First Financial’s roots trace back to 1936 during the Great Depression, when a group of Asbury Park schoolteachers came together to form Monmouth County NJ Teachers Federal Credit Union. Under the leadership of Harold “Pop” Shannon, the credit union expanded to include employees of the Monmouth and Ocean County Boards of Education. Over time, our membership grew to include municipal employees, hospital workers, and small businesses – leading to several name changes to reflect our evolving community.

In 2003 we became a community credit union – serving anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties. In 2006 we adopted our current name, First Financial Federal Credit Union – continuing our tradition of providing excellent financial services while keeping our members’ best interests at heart.

Why Bank with a Credit Union Instead of a Traditional Bank?

Credit unions are typically not-for-profit, member-owned financial institutions – which means they can offer higher interest rates on savings, lower fees on loans, and generally more personalized service compared to the shareholder profit of banks.

Fewer Fees & More Flexibility – Credit unions prioritize service over profit, meaning you’ll encounter fewer fees and more flexible account options.
Lower Loan Rates – Because credit unions are member-owned and not-for-profit, they return earnings to members in the form of lower interest rates on loans.
NCUA Insurance Protection – Just like banks are insured by the FDIC, federally insured credit unions are backed by the National Credit Union Administration (NCUA). Member deposits are protected up to $250,000, ensuring financial security and peace of mind.

Exclusive Member Benefits at First Financial

When you partner with First Financial, you gain access to exclusive member benefits that increase the more you bank with us. Our members enjoy:

Referral Programs
Savings on Tax Services
Sweepstakes Opportunities
Relationship Banking Discounts
Notary Services
Reduced Loan Rates
No-Cost Financial Consultations
And so much more that you won’t find at a traditional bank!

Join Us in Celebrating 89 Years of Member-Focused Banking

For 89 years, First Financial has been dedicated to serving our members and the local community. As we celebrate this milestone, we invite you to experience the credit union difference firsthand. If you’re not already a member, now is the perfect time to make the switch and enjoy the financial advantages of banking with a credit union. For more information on our services or to become a member, call us at 732.312.1500 or visit a branch today!

*A First Financial membership is available to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. A $5 deposit in a Base Savings Account is required to establish membership prior to opening any account/loan. See credit union for details.