Frequently Asked Questions (FAQs) About Us
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What is a credit union?
A credit union is a member-owned, not-for-profit financial cooperative that provides savings, credit and other financial services to their members. Credit unions generally offer the same services and technologies as traditional banks. Credit union memberships are usually based on a commonality among members, whether it is belonging to a specific community, organization, religion or place of employment. Power Financial Credit Union’s membership consists of those who: live or work in Broward, Charlotte, Collier, Lee, Martin, Miami-Dade, Monroe, Palm Beach County, Hillsborough, Manatee, Pinellas, Sarasota or St. Lucie counties; employees of Ryder System; member sponsors and employees of Bonefish & Tarpon Trust and based in Coral Gables; students, faculty and employees of California Southern University; and immediate family of all current members.
What is the difference between a credit union and a bank?
Credit unions and banks are both financial institutions, but they operate very differently. Credit unions are not-for-profit, financial cooperatives owned by the members of the credit union. Credit Unions are typically led by a democratically elected, volunteer Board of Directors determined by “one member, one vote”. The focus of credit unions is to provide value to the entire membership and not just profits for the benefit of the shareholders. This benefits members in a variety of ways including, generally, lower loan rates, higher savings rates and fewer service fees compared to other types of financial institutions. In addition, locally owned and a common bond among the members means family-like service also.
What is Power Financial Credit Union?
Power Financial Credit Union is a community-based, member-owned financial institution that has provided high-quality, high service, family-focused financial services to the South Florida community for nearly 65 years. The organization provides all of the advanced products, services, technologies and tools of large banks, but with a unique personalized, “know your name”, family-friendly, community-centric focus.
What is the history of Power Financial Credit Union?
Power Financial Credit Union has a rich legacy dating back to 1951 and has been the primary provider of credit union services to the employees and family members of notable employers such as; Florida Power and Light, National Airlines, Pan Am Airlines, Homestead Air Force Base and North Shore Hospital. Since its inception, the field of membership has been expanded beyond primarily serving employer groups to that of serving anyone who lives or works in Broward, Martin, Miami-Dade, Monroe and Palm Beach County. Today, Power Financial Credit Union has grown to more than 32,000 members, $500 million in assets, five branches, 15 ATMs and a robust suite of convenient, remote delivery solutions via a wide range of electronic devices.
What differentiates Power Financial Credit Union from other credit unions?
By following a prudent, conservative strategy, focused on serving as a financial advocate, treating members like family, Power Financial Credit Union is distinguished for outstanding safety and soundness. It is recognized with a 5 star rating from Bauer Financial, their highest rating. In its nearly 65 years in business, Power Financial Credit Union has remained financially sound and dedicated to helping its members weather financial storms through their customized financial solutions personalized to fit members’ needs. Power Financial Credit Union prides itself on exceptional service and is proud to say that 9 out of 10 members say they are so impressed they recommend friends and family join to receive the same great experience.
About Power Financial Credit Union
|Services||Personal and business checking, saving, loans, mortgages and credit|
|Chairman of the Board||Leman Murray|
|President and Chief Executive Officer||Allan Prindle|
|Headquarters||2020 NW 150th Avenue
Pembroke Pines, FL 33028
|Number of Members||More than 32,000|
|Number of Employees||118|
|Assets||More than $500 million|
Florida City Branch:
33004 South Dixie Hwy, Florida City, FL 33034
8228 Mills Drive, Miami, FL 33183
North Shore Branch:
1100 NW 95th Street, Miami, FL 33150
2020 NW 150 Avenue, Pembroke Pines, FL 33028
North Palm Beach Branch:
12575 US Highway 1, Juno Beach, FL 33408
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