WHO ARE WE? Section 705 Federal Credit Union is a not-for-profit financial institution. Profit made goes back to our members through lower interest rates on loans, fewer fees, and free to low cost financial products and services.
WHO CAN JOIN? Our members are made up of employees of various businesses within the Acadiana area who have become partners (or Select Employee Groups) with Section 705 Federal Credit Union. Family members of our partners and Section 705 are also eligible to become members at the credit union. Click here for the full list of who can join our credit union.
WHY IS BELONGING TO A CREDIT UNION CONSIDERED A MEMBERSHIP? The term “member” in the credit union world stems from the ownership those that belong have within the organization. Our members own a “share” in the company with their savings account. Each individual must keep $25 in their savings account at all times to remain a member.
WHAT’S WITH THE NAME? Section 705 FCU originally served postal employees working within the 705 zip code area. That was the postal employees “section.” As years went on, we started expanding our field of membership to include other businesses within the area.
HOW DID SECTION 705 BEGIN? Section 705 Federal Credit Union began in 1968 in Crowley, LA. It was led by a group of Postal Employees seeking to fill a void in their financial affairs. This group charted Section 705 to serve postal employees in the 705 zip code area. Through the years this charter was expanded to include federal government employees in the same area and has since added businesses that have similar needs to the members we serve.
HOW IS A CREDIT UNION ORGANIZED? Credit union decisions are approved by our Board of Directors. The Board is a group of unpaid volunteers that are members of the credit union. This group is elected at Section 705’s Annual Meeting each year. This gives members a real say in the decisions made at the credit union. Any member can run to become a Board Director or volunteer to give back in other aspects of the credit union.
OUR MISSION: Our mission at the credit union is “Meeting Members’ Financial Needs with Quality and Convenience.” If we can meet your financial needs with the best possible service, we are doing our job right.
One of the main reasons we work at credit unions is to give back. Money is something Americans need and use every day. It can be extremely stressful when unexpected financial hardships happen. It’s at these times that we hope you turn to us for guidance on the next step. Here are some stories from members who have been there and gotten through it.
How has the credit union helped you financially? Share your story.
“I am honored to be the first member story for the new website. I first joined the credit union in 1978, when I got out of the military. We found our professional family at the Postal Service and in 1986 I volunteered for the Credit Committee and soon found myself immersed in the credit union movement. The people helping people concept drew me into the movement because I felt the effect of personal service and the desire for the credit union to say yes; which was very important to a young family getting started. I eventually became a Board member and over the years became President of the Board, where I continue to serve. My entire family and I belong to the credit union and consider the credit union our primary financial institution. As a board member, I have had the opportunity to continue the tradition of people helping people, while helping the credit union institute more products and services. With today’s technology it is more challenging than ever. I encourage everyone to join me in meeting these challenges by allowing us to meet your financial needs. Please, feel free to volunteer at any level, you will never regret it.” – Tom Colley, President of the Board
“The credit union was a life saver for me! I was worried about being able to pay my car note with how high it was. Section 705 was able to save me $100 a month and took a year off my auto loan by refinancing. The staff is always so friendly. I love to go over there!” – Dakari Robertson, Member
This sweet member wanted to share her story to give others hope. This is what perseverance, patience, and faith looks like! Debra rode the bus for two years in order to save up enough to buy her first car on her own. Through financial counseling with Cassie for those two years, she was able to slowly build up her credit to make her dreams a reality. Malana, a recent financial counselor, was able to help her pick out the car of her dreams. Check out Mrs. Debra in her brand new car. We are so proud of the hard work you put into making this happen! – Debra Sonnier, Member
NOTICE: Although we happily provide secure on-line applications to protect your privacy, please remember that any e-mail that you send and receive to anyone at any time is not secure. This is true for all e-mail, not only on our website. You should refrain from sending your account number(s), credit card number(s) or other sensitive data to anyone in an e-mail format.
One of the amazing things about the credit union movement is that it is cause related! With so many ways to give of yourself, it is hard to choose what cause to focus your energy on. Here is an easy one. Put your money at a credit union. By making the decision to “bank” with a credit union, you are choosing a local approach to finances. This chose keeps YOUR money in YOUR community, which helps the local economy grow and the Acadiana community flourish. AND because we are a not-for-profit, you and fellow members reap the benefits with lower interest rates, fewer fees, and higher dividends on savings accounts.
At Section 705, we are fired up to help you grow financially and make positive decisions for you and your family. We don’t want to keep it quiet! We want to share this with your co-workers, your family members, and your neighbors. Credit unions are often called the best kept secret. Help us change this.
HOW CAN YOU HELP THE MOVEMENT TO CARRY ON?
Spread the word. Credit Unions have several grassroots efforts to get the word out about credit unions and to protect the credit union movement. See the ways that you can take an active role in spreading the good news of credit unions.
How to Help
The Credit Union Legislative Action Committee’s primary focus is to lobby on behalf of credit unions. CULAC keeps an eye out for bills that could negatively impact credit unions and their members. Thanks to them we can worry about serving you the best we can, while they focus on protecting credit unions. Many of Section 705 employees donate a portion of their pay check to help them to continue this work.
Mission: CULAC’s mission is to “provide the opportunity for individuals interested in the future of the credit union movement to contribute to the support of worthy candidates for federal office who believe, and have demonstrated their belief, in the principles to which the industry is dedicated.”
See which candidates support credit unions BEFORE you vote. Thank you for your support in advance!
Take Action. Become a CU Advocate!
Data breaches are BIG problem. Merchants are not subject to the same federal data protection standards as financial institutions, such as credit unions. This means that some merchants fail to invest sufficiently in data security measures. As a result, it can be easier for hackers to gain access to a person’s credit card number, debit pin number, or other sensitive data through a merchant. Hackers can then sell this information to bad actors, or use it themselves to fraudulently buy things with the stolen data. Find out information on how we can stop the data breaches from happening! Visit www.stopthedatabreaches.com to learn more.
Still Have Questions? Email Emily or call the credit union at 337-232-8450.