FAQ – Omega Psi Phi Fraternity Federal Credit Union

What is a Credit Union?

A credit union is a cooperative association organized by a group of people, having a common bond, for the purpose of promoting thrift among its members, and creating a source of credit for provident and productive purposes.

How do I Join?

Anyone who is in the following field of membership is eligible to join the credit union:

The Omega Psi Phi Fraternity, Inc.
Members of the fraternity and their families
Chapters, districts, and other related organizations
Employees of the Omega Psi Phi Fraternity
Employees of the Omega Psi Phi Fraternity Federal Credit Union

To become a member, complete the membership application and pay all required fees.

What Services are Offered?

We have a whole page devoted to our products and services. Take a look there!

What are the advantages of joining?

We also have a page detailing how you benefit from joining the OPPFFCU. Click here for more details.

Are Accounts Safe and Secure?

Yes! Member share accounts in the Federal Credit Union are insured up to $250,000 per account by the National Credit Union Administration. Savings have additional protection through a number of provisions in the Federal Credit Union Act and standard bylaws. Some of these are:

The Treasurer must be bonded for faithful performance of his/her duties, and all persons handling or having custody of credit union funds must also be bonded.
The affairs of the Credit Union and the records of the Treasurer are audited by the Supervisory Committee.
The Act and bylaws provide for the setting aside of a reserve for uncollectible loans.
The surplus funds of the Credit Union may be invested only in specified investments.
All federal credit unions are supervised and are periodically examined by the National Credit Union Administration.

How is the OPPFFCU Structured?

The annual meeting of the Omega Psi Phi Fraternity Federal Credit Union is held every year. Every other year the annual meeting is held at the site of the Grand Conclave. All members are encouraged to attend and each member with a balance of $50.00 or more is entitled to vote.All elected officials are chosen during the annual meeting. A written notice is sent to all members advising them of the annual meeting, when it will be held, the place and time, and any offices that will be vacant.

Who can I contact with further questions?

Contact the CAMO if you have any questions, issues, or concerns: