High Plains Federal Credit Union

For the past forty years High Plains Federal Credit Union, an organization “Where You Belong” and a vested part of the community of Curry County/Clovis, New Mexico, has sought to invest in the lives of its members, keep cost down and find new ways to assist them with all aspects of their financial needs. The founders of the credit union saw a need in the community and wanted to see how it could be beneficial to the local population. Starting with Santa Fe Railroad as its first group of members, the credit union now has over 150 individual groups of members. Each individual that joins the credit union is known as a member/owner. In 2001, the credit union became available to all persons who live, work, and worship or attend school within Curry County, New Mexico. Each member/owner of voting age has a vote. No one member has the power to effect changes in the credit union, but with the majority in agreement, valuable change occurs.

High Plains Federal Credit Union membership currently consists of a staff of 36, 9 members Board of Directors, 6 Supervisory Committee members, and individual member/owners. Each year a meeting is held to elect one-third of the BoDs to a 3 year term. The Board of Directors and the Supervisory Committee have monthly meetings to review old and new credit union business. Board of Directors and Supervisory Committee members are voluntary positions. The Board of Directors determines the direction of the credit union and hires management. The Supervisory Committee is the voice of the member/owners; they are accountable to audit the credit union records or cause the records to be audited and investigating members’ concerns.

Member/owners’ accounts are insured through the National Credit Union Administration (NCUA), an agency of the Federal Government, for up to $100,000 per account. Services offered at the credit union are: new/used car loans, new/used boat loans, new/used motorcycle loans, and signature and CD loans and Safety Deposit Boxes. All member/owners enjoy the benefit of low cost interest on their loans and receive dividends on their share/savings accounts. Members have several choices when it comes to type of accounts to choose from; interest bearing share draft checking, non-interest share draft/checking, money market, Share Certificate of Deposit, and IRA’s.

Our commitment to our members is paramount to provide excellent service in a professional manner. When we know a service would be beneficial to our members, we don’t hesitate to make suggestions to save them money. We offer overdraft protection for share draft accounts, and life and disability loan insurance. $1,000 Accidental Death Insurance is offered to all members at no cost.

Credit Unions are Different:

Did you know that your credit union is very different than a bank? When you walk into the High Plains Federal Credit Union lobby, the differences might not be obvious, but credit unions and banks have very different philosophies and structures. While both financial institutions may offer similar products and services, the similarities stop there. There are major differences in ownership, in interest rates, and in the service provided. Did you know that:

 You own the credit union. Credit unions are member-owned not-for-profit financial cooperatives. More than 80 million members own 10,500 U.S. credit unions with combined assets of $450 billion. Stockholders own banks (with combined assets of $6.2 trillion). Banks make money for stockholders, not for customers. Credit unions use returns on investment to help keep rates low on money borrowed and high on your savings and to provide members with better service. 

Credit unions are the only democratically controlled financial institutions in the United States. You and other members elect a volunteer board of directors to oversee the credit union. The manager or president/CEO reports to this board. Bank directors are paid to make decisions that benefit stockholders, not customers.

Credit unions often have lower rates on loans and higher returns on savings. Credit unions price loans, pay interest on funds you've deposited, and charge fees to provide you with high-quality, low-cost services. Banks price products and services to make a profit. You earn more on your savings at the credit union. And you save more on your loan rates at the credit union.

It is part of the credit union mission to help educate members about finances. They provide publications like this newsletter to keep you advised of rates, loan sales, and financial trends that affect you. High Plains Federal Credit Union stresses education, providing materials and holding seminars on financial planning, car, and home buying to help you make informed buying decisions. Many banks simply advertise their rates and sell their services. Because you are an owner of High Plains Federal Credit Union, you have a say in how we do business. Let us know how you think we are doing. We are always happy to hear from you!