Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.
Serving Our Members Since 1954.
MediCredit Federal Credit Union is located in Honolulu, Hawaii. It has 1,800 members and $6 million in assets. The credit union was founded in 1954 and originally served Kapiolani Hospital. With the merger of Kapiolani Hospital and Children's Hospital, the Kapiolani Hospital FCU and the Children's Hospital FCU (which also served the employee's of the Rehabilitation Hospital of the Pacific), merged in April 1985 to become the Kapiolani Children's Medical Center FCU. In July 1985 the credit union changed its name to MediCredit FCU to reflect the multiple medical services in its filed of membership.
Since then 39 Select Employee Groups (SEGs) have been added to our original Filed of Membership (FOM) which now include:
Hawaii Pacific Health
Premier Property Development Corporation
Dr. Ronald I. Ayabe
Prevent Child Abuse Hawaii
Biogime Skin Care
Kidney Stone Center of the Pacific
Clinical Laboratories of Hawaii
REHAB Hospital of the Pacific
CORF of Hawaii
REHAB Foundation
C.R. Newton Company
REHAB Specialty Care
Dr. Michael J. Dimitrion
RHP Management Services
Hicord
RHP Therapy Services
Kapiolani Health Foundation
Dr. Gene L. Robinson
Kapiolani Medical Center at Pali Momi
Dr. David M. Saito
Kapiolani Medical Center for Women and Children
Shriners Hospital for Children
Kapiolani Medical Specialists
Straub Clinic and Hospital
Kapiolani Service Corporation
Straub Foundation
Kauai Medical Clinic
Straub Imaging Services
Dr. Darrel J. Lee
Straub Pharmacy
Dr. Harry T. Masaki DDS
Surgi Care
Pacific Medical Collections
United Laundry Services
Pacific Plastic Surgery
Wilcox Health Foundation
Pacific Radiopharmacy
Wilcox Memorial Hospital
Pearl City Medical Associates
Dr. Kwanlin LK Wong, DC FICC.
Our credit union provides basic financial services including share drafts (checking). share accounts (savings), consumer laons of all types, home mortgages and equity loans, Online Financial Services including, Bill Payer Services, Share Certificates, etc. But, we also do more. Some of the services include:
Christmas Savings Accounts
Direct Deposit/ Payroll Deductions
Free ATM cards
Free Visa Travelers Cheques
Price Costco and Sam's Club eligibility
AAA Hawaii discount
AIG Hawaii Insurance group rates
Free Notary Service
Credit Life Insurance
Credit Disability Insurance
Accidental Death and Dismemberment Insurance
Retirees Health Care Insurance Package
Mechanical Breakdown Insurance
Aloha Petroleum Gas Program
Money Orders
Payday loan substitutes - small, short-term unsecured loans with amortizations of usually less than six months
The Credit Union Difference Not for profit, not for charity, but for service
Credit unions are not-for-profit financial cooperatives, owned by the people who save and borrow there. Every member has the right to vote on policies and for members of the credit union board. The majority of credit union boards are made up of volunteer members.
Unlike most other financial institutions, credit unions do not issue stock or pay dividends to outside stockholders. Instead, earnings are returned to our members in the form of lower loan rates, higher interest on deposits, and lower fees.
By current federal statute, credit unions cannot serve the general public. People qualify for a credit union membership through their employer, organizational affiliations like churches or social groups, or a community-chartered credit union.
Our critics often claim that credit unions "don't pay taxes." Credit Unions do pay taxes -- payroll and sales taxes. Congress exempts credit unions from federal income taxes. The exemption was established in 1937, affirmed by statute in 1951, and re-affirmed in 1998 in H.R. 1151, the Credit Union Membership Access Act, which states:
Credit Unions, unlike many other participants in the financial services market, are exempt from Federal and most State taxes because credit unions are member-owned, democratically operated, not-for-profit organizations generally managed by volunteer boards of directors and because they have the specified mission of meeting the credit and savings needs of consumers, especially persons of modest means.
Our Commitment to Serving Our Members - We Make the Difference Credit unions exist to help people, not make a profit. Our goal is to serve our entire membership well, including those of modest means. The average annual income for the members of our credit union is $40,000. In addition, we also reach out to members or potential members who are un-served or underserved.
Members at MediCredit Federal Credit Union can open an account for $50. All of these members have access to our full range of financial services.
The Federal Reserve estimates the minimum profitable loan to be $2400. MediCredit FCU made 105 loans under $2400 in the last two years which represents 34.6% of the total loans in the past two years.
Our Commitment to Financial Education & Literacy Promoting financial literacy has been a primary mission of credit unions since they were established. Edward A. Filene, the father of the American credit union movement in 1908 said, "Credit unions are educational instititutions." Our intent is to teach people wise money management skills they can use to make their entire lives better.
We offer quarterly newsletters that include information on financial topics. Credit Unions offer individuals budget and financial counseling as a routine matter. Some examples in our credit union include:
Financial counseling/debt counseling for individuals
Web site information links
Information booths at select employee groups (SEG) locations
Resource library in credit union lobby
Financial information on a variety of topics of concern to members
Full and fair disclosure on pricing
Our Commitment to Good Governance and Diversity Credit unions exist to serve all members equally, with dignity, respect and consideration. We strive to serve everyone who needs financial services within our membership and to be sensitive tot the individual needs of the various cultures we serve. Employees and volunteers reflect the diversity of our members.
We make annual meetings more accessible to accommodate the majority of members
Set board and committee attendance standards
Educate the members, staff, Board and the community about the uniqueness of credit unions, specifically the importance of volunteer leadership and democratic elections
Instruct Nominating Committee to actively seek wider member representation on credit union boards of committees.
Provide special training for members on the board of directors and other volunteer committees
Seek out volunteers, staff and maangement who reflect the diversity of the membership
Develop a plan to include in the selection process all staff, officials, SEGs, and above all, members, without regard to their financial or social status.
Our Commitment to Community & the Credit Union Movement Credit unions don't just exist to provide financial services -- we provide financial services for the purpose of improving lives. While our first responsibility is to our members, part of being a cooperative movement means looking beyond our walls tot the larger community. This philosophy leads us to support worthwhile charitable and social causes, and to work with other credit unions.
Allowing staff to take time off for community volunteer activities
Becoming an active participant in the local community or organizations by volunteering staff to assist in civic goals such as: Neighborhood Boards, Community Associations, and Boy Scouts
Participating in political and grassroots campaigns to promote and protect the credit union movement to policymakers
Encouraging staff and volunteers to take an active roli in league, chapter, and other leadership networks
Participating in cooperative advertising campaigns
Creating or particpating in strategic alliances and partnerships such as: credit union to credit union, credit union to community, credit union to advocacy groups, and mentoring
Sharing our resources -- equipment, personnel, expertise, etc/ -- with other credit unions in need.
