About Us

"OUR MISSION IS TO BECOME THE PRIMARY FINANCIAL INSTITUTION OF ALL CURRENT AND POTENTIAL MEMBERS AND TO PROVIDE THE BEST FINANCIAL SERVICES AT RATES COMPETITIVE WITH OTHER FINANCIAL ALTERNATIVES AVAILABLE IN THE MARKET."


Rocket City Federal Credit Union is large enough to suit your financial needs, yet small enough to provide excellent personal service. We have account numbers like everyone else, but we prefer to actually talk to our members and adapt our products and services as needed. As a credit union, Rocket City Federal Credit Union's primary purpose is to provide service to our membership. Members are the owners of the Credit Union and everything we do is designed to reward the member owners.

OUR HISTORY

The Credit Union was established in August 1954 by charter members of Rocket City Federal Credit Union. Initial core group members included employees of the City of Huntsville and its entities. The Madison County Commission was added in 1973 as a primary group, and additional employer groups have been added over the years. The Credit Union maintained operations in the Times Building located in downtown Huntsville for many years until the existing main office located at 2401 Triana Boulevard was opened in 1983. A branch office was opened in downtown Huntsville in 1994 to serve the members working in that area. Two offices serve members to this date.


What’s a Credit Union?

A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.

Who owns a credit union?

Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn't operate in that manner. Rather, each credit union member owns one "share" of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.

How did credit unions start?

The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.

What is the purpose of a credit union?

The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.

Are savings deposits insured?

Yes. All savings accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.

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