How does TFFCU protect my Visa credit card?
Protecting our members from fraud is a top priority for The Florist FCU. To give our members additional card security, we use the VISA Falcon Fraud detection system, which continuously monitors your FFCU card activity to help identify and prevent fraudulent transactions on your account.
If suspicious charges or transactions outside of your normal spending pattern appear on your card, Falcon will contact you by phone on behalf of The FFCU to verify the charges.
To verify your identity, you may be asked to provide personal information such as address, birth date and confirmation of the last four digits of your social security number. You will never be asked to provide your full social security number, VISA card number, account number, or PIN.
If Falcon is unable to reach you directly, they will leave a message identifying themselves as VISA Falcon Fraud Prevention Service calling to verify transactions made with your FFCU card. To ensure this call is legitimate, Falcon will always provide 1-800-890-5097 or 1-800-437-9392 as the toll-free call back number.
If we are unable to contact you regarding the suspicious charges on your FFCU VISA, your card may be temporarily blocked to prevent any fraudulent activity. The block will be removed once we are able to confirm with you that the charges are legitimate.
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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.
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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.
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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.
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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.
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Are savings deposits insured?
Yes. All savings accounts are insured to at least $100,000 by the NCUA, the National Credit Union Administration, and backed by the full faith and credit of the United States Government.
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