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General Manager’s Message

November 2008 marked the centennial of the first credit union organized in the United States and June 2009 will mark the 75th anniversary of President Franklin D. Roosevelt signing the Federal Credit Union Act of 1934, which established a federal framework for credit unions.

Credit unions are not-for-profit financial cooperatives that were founded to provide an effective and viable alternative to the for-profit financial institutions. We are member owned and run and built on a one member/one vote model. Currently, nearly 8,300 credit unions collectively serve more than 90 million members in the United States.

Today, in gloomy economic times, British Airways Employees Federal Credit Union is playing an invaluable role by providing stability in financial services to our members, maintaining a ready source of affordable credit, and a safe and sound place for your savings. Credit unions are built on a tradition of “People Helping People” and as British Airways Employees Federal Credit Union celebrates our 56th anniversary we look forward to continuing that tradition.

Sincerely,

Michael Lotz
General Manager

SAFETY IN CREDIT UNIONS

With all this concern in the Financial Industry, we are being asked more frequently “Is my money safe at the Credit Union?” Like many things, the complete answer is “Yes, but it depends”.

Every day it’s another surprise. Fannie Mae, Freddie Mac, Lehman Bros., Merrill Lynch, AIG, WAMU, Wachovia, Bank of America, etc.  These are names that one would never have thought would be involved in Financial Distress. The events of the past month have shaken the confidence of everyone. Most people are anxiously seeking a “safe haven”.

Well, there is one type of Financial Institution that remains stable, sound, and welcoming to members, that is Credit Unions. Your British Airways Employees Federal Credit Union is financially strong, and is not burdened by the major “Sub Prime Mortgage” issues facing several Institutions. So if you are looking for a great place to place your money, please call us to find out the many services we offer to our Members.

We also want to make sure our Members, with significant savings here, do understand the level of Insurance that is provided to you. As of now, all Individual Accounts are insured up to a limit of $250,000. But there are a number of additional levels you can seek by rearranging accounts in to a multitude of supplemental arrangements. These can be as simple as opening up Joint Accounts, Trusts, POD accounts, IRA accounts, etc. For those of you who want to review these options, the following Web Site link: http://www.ncua.gov/ShareInsurance/HOW_YOUR_ACCT_ARE_INSDindd.pdf will provide detailed discussions of all the available types of coverage offered.,

So if you have any concerns, please feel free to call us and we will review your accounts to ensure you have maximized the level of Security you seek.

And thank you for your confidence in us. We have been here for the past 55 years, and we plan to be here whenever you need us.

The Board of Directors
British Airways EFCU

Mission Statement:
" British Airways Employees Federal Credit Union is a secure financial institution committed to meeting the evolving needs of members by providing outstanding financial products and services using advanced technology with personal, professional and friendly service within the highest standards of integrity."

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Field of Membership Definition:

Once you become a member of the British Airways Credit Union, your family members are eligible to join as well. Credit Union membership is a great gift to give to your family members. The definition of "family" is very liberal and can include a grandparent, parent, spouse, sibling, child, grandchild, or any other legally recognized family relationship including domestic partners. They too can discover the many benefits credit union membership has to offer. Contact the credit union for Membership Applications for your family members today.

HISTORY OF THE BRITISH AIRWAYS FEDERAL CREDIT UNION

In 1951, a small Christmas Club was established by the staff of the BOAC Accounts department in Manhattan. The significant interest in this club, and it's rapid growth, created the need for the organization of a Credit Union. The British Airways Federal Credit Union was formally chartered by the National Credit Union Administration on February 5, 1953 and by the end of the first year, shares totaled $17,773.

Major factors in it's early growth were the addition of the British Airways reservations staff; implementation of Payroll Deduction; and the expansion of membership to the employees of the other airlines and travel partners that British Airways had interline agreements with.

The foundation of the Credit Union has stood well the test of time. It has responded to thousands of members during it's almost 50 years of service. We have seen it grow from an organization only offering regular savings and personal loans, to a full-service Financial Institution with a wide array of services.

Credit Unions like ours remain a bright spot in the financial community. Across the country, Credit Unions continue to grow by doing what we do best - providing our members with a safe place to save and a source of loans at reasonable rates.