What is a credit union?

Our credit union is a non-profit organization built by and for our Members. Banks must report to shareholders, and show profit. Your credit union shares its success with you. And that can mean:

  • Lower rates on loans
  • Higher rates on deposit products
  • No-fee and low-fee products
  • More advantageous products and personal service

Is the WCTFCU just for teachers?

No. Anyone who is paid through the Board of Education in any of our 27 eligible towns,  participating private schools & universities; and their immediate family Members, may join the Waterbury Teachers Federal Credit Union. Membership is not exclusive to teachers.

What advantages does a Waterbury Teachers Federal Credit Union have over a normal bank?

In short: We offer very competitive rates, earned interest on savings & checking, low/no-fees, no minimum balances in savings & checking accounts, and more...

In detail: Our credit union is one of the few private credit unions in country. Our primary Members are paid through the Board of Education, are are therefore more likely to have stable, long-term jobs. This means our membership profile is a preferred credit risk.

Additionally, since we are a lean, not-for-profit institution, with low overhead, we can offer no/or low fees, very competitive rates, and financial products that are designed with our Members’ best interest in mind.

Do I need a minimum balance in my account?

Yes. The minimum balance for your accounts is only $5, which we give you to open your account. However much you want to put in after that is up to you. Accounts with low balances, that are inactive for a period of 2 years, are closed. 

Do you offer free online learning about personal finance?

We are happy to offer both online and in-person learning & development opportunities.
Online you can visit our Money-Wise! page to find many quick-learn videos about personal finance, plus calculators, budgeting & planning tools, and more!
Topics include: 
+ Money Basics for Members
+ Credit Scores & Reports
+ Loans & Payments
+ Buying a Home
+ Paying for College
+ Planning for Retirement