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To the Andover Federal Credit Union, a Credit Union that continues to embody its philosophies, goals, ambitions and more, so as an entity there is no risk of wandering through the world without having the ability to verify that we, as a Credit Union, are on our intended course.
The Andover Federal Credit Union is a non-profit financial institution owned and operated by its members. It is the purpose of the Credit Union to provide financial services and education to its members, while maintaining a stable and secure future for its membership.
Andover Federal Credit Union was formed in 1964 by seven school employees who wanted to offer a Credit Union to Andover School and Municipal employees. Our field of membership has grown over the last 45 years, but the vision of the Board of Directors and Management remains focused to provide quality member service while adhering to the Credit Union philosophy of “not for profit, not for charity, but for service.”
Frequently Asked Questions
What’s a Credit Union?
A credit union is a cooperative financial institution that is owned and controlled by its members, and operated for the purpose of promoting thrift, providing credit at reasonable rates, and providing other financial services to its members.
Who owns a credit union?
A credit union is a financial institution owned by the “members.” To be a member at Andover Federal Credit Union you are required to belong to one of our Select Employment Groups (SEG) and maintain a $25.00 balance in your main sh are account.
Are Credit Union deposits insured?
Yes. All deposit accounts are insured up to $250,000.00 until December 31, 2013 by the National Credit Union Administration (NCUA). After December 2013, deposit insurance by the NCUA will be $100,000.00.
Who can join the Andover Federal Credit Union?
The Andover Federal Credit Union serves a specific "field of membership," also known as a Select Employment Group (SEG).
The SEG listing is as follows:
- Town of Andover
- Greater Lawrence Technical High School
- Phillips Academy
- United States Postal Service / Andover
- Greater Lawrence Collaborative
- Gould Landscaping
- Andover Housing Authority
- Andover Insurance Agency/Andover
- Andover Historical Society
- Shed / Andover
- J.W. Watson / Andover
- Elm St. Auto
- Vale Landscaping / Andover
- Doherty Insurance / Andover
- Salon 22 / Andover