About Garden Savings Federal Credit Union

FOR-PROFIT VS. NOT-FOR-PROFIT

Banks are for-profit institutions. They’ve got federal taxes to pay and corporate stakeholders to please. Where does that money come from? Usually out of your pocket through higher fees and lower interest rates.

Credit Unions are not-for-profits. We’re exempt from federal taxes and responsible to exactly zero outside stakeholders—cuz we ain’t got none! Instead, we return our profits right back to our members through reduced fees, higher savings rates, and lower loan rates.

MEMBERS ONLY VS. NO MEMBERSHIP REQUIRED

Most banks will do business with any consumer, depending on the person’s history of banking problems. Credit unions are not open to everyone. They’re cooperatives made up of members who share a common bond.

So, you can’t just join any credit union you want and start saving there — you must meet some list of eligibility requirements to join. And be able to remember the secret handshake once you are a member.

BACKGROUND

We enjoy long walks on the beach,
cool jazz and people who don't
take themselves too seriously.

What else do you wanna know about us?

Garden Savings Federal Credit Union was founded in 1968 to serve the financial needs of the employees who worked for AT&T Bell Laboratories (presently known as Alcatel-Lucent). In 1985, we expanded our field of membership to include other sponsor companies, as well as people who live, work, worship, volunteer or attend school in Newark, Elizabeth, or Jersey City. In our many years of service to local community, we’ve grown from humble beginnings to a credit union serving over 25,000 members, representing 150 Select Employer Groups (organizations/companies), with over 70 employees.  

We’ve made it our mission to provide affordable services and products that help our members achieve and maintain their financial stability. We get to know our members personally, and we take pride in partnering with them, through good times and bad. It’s what credit unions do.  

Everyday our goal is always to exceed our members’ expectations — whether that’s with a low rate, a loan approval or simply a lollipop. We’re told the red ones are to die for, though we can’t decide if they’re strawberry or raspberry. 

EMPLOYEE BENEFITS

Guarantee yourself that “Worlds’ Best Boss” mug this upcoming National Boss Appreciation Day — offer Garden Savings as part of your Employee Benefit Package.

Your employees will love all the benefits that come with their FREE membership to Garden Savings Federal Credit Union. They’ll love you, too, for giving it to them. (Okay, maybe “love” is too strong — They’ll grow somewhat fond of you for giving it to them). And, here’s the real kicker: it doesn’t cost your business a cent either! Plus, we offer free helpful seminars for your employees on issues relating to their finances. It’s another nice little extra for your employees. Heck, you can sit in, too, if you’d like.

Make Garden Savings FCU part of your employee benefit package. Then Circle October 16th (National Boss Appreciation Day — like you didn’t know) on your calendar and start practicing your “surprise face” for when your employees present you with your mug in front of everyone. 

Bring Garden Savings to Your Employees

Free Lifetime Membership

Once a member, always a member. Kinda like the mafia.

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Lifetime membership! At Garden Savings FCU, you retain your membership for life. Even if you are no longer employed with one of our sponsor companies, or if you move to another location, your Garden Savings FCU membership remains active and follows you. Like your high school permanent records. 

BENEFITS EXTEND TO YOUR FAMILY

The privileges of Garden Savings membership also extend to your immediate family members, as well as to other persons who reside in your households. 

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LOOKING FOR YOUR “IN” TO JOIN?

Because we’re a credit union, you need to be a member in order to take advantage of our great products and services. If your employer does not make you eligible for membership – and you don’t have a immediate family who is a member – don't worry. We’ll let you in on a little secret. 

You can also join Garden Savings FCU by become a member of the American Consumer Council. We’ll even pay your membership fee of $5.000, so it’s free just like your other options. Talk about an offer you can’t refuse. 

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Become a Member

How are a credit union and a bank different?

 

Don’t be embarrassed — most people don’t know the difference between a crocodile and an alligator, either. (For the record — one will see you later, the other in a while. Sorry, we just couldn’t resist.)

Many people don’t understand how a credit union is different from (dare we say better than?) a bank. Worse yet, they think we are the same thing.

Yes, we both typically offer the same products and services, but we each do business differently and exist for different reasons. Essentially, what separates us comes down to two things…