South Florida Educational Federal Credit Union was one of the first Credit Unions chartered in Florida in 1935.
The Credit Union was founded during the Great Depression and originally called Dade County Florida Teachers Federal Credit Union. Its mission then, as it remains today, was to provide its members affordable financial products coupled with exceptional personal service.
Initially membership was limited to employees and immediate family members of the Miami Dade County Public School system but was later expanded to include Miami-Dade Community College, (now known as Miami Dade College).
In 1972, the credit union's name was changed to Dade County School Employees Federal Credit Union to reflect the eligibility of all school employees. The name was changed again in January 2000 to South Florida Educational Federal Credit Union, after the county's name was changed to Miami-Dade, this name better reflects the credit union's educational focus.
Many things have changed since 1935* and no longer is the Credit Union limited to just savings and small loans. Today our products encompass almost every facet of the modern day financial services industry.
The one thing that has not changed however is our commitment to the educational communities that have supported the credit union for more than 78 years. South Florida Educational FCU works hard every day to donate its time and resources to the financial success of its members. This may be as simple as offering higher rates on our savings accounts, to lower rates on our loan accounts, to educating our young students on the importance of financial literacy.
The Credit Union Difference
Credit unions throughout the country are not-for-profit, cooperative financial institutions established to provide our members with a variety of money-saving financial services. Each member is an owner of the credit union and has one vote at the annual meeting when elections are held for the Board of Directors. All Board of Directors and the Supervisory Committee members are volunteers
, unlike those of banks who are paid stockholders.
Credit unions continue to look out for our members' interests and provide a level of service that is not generally available at other financial institutions. Whether it's providing a loan to help a member cover unexpected medical bills, offering free financial counseling, or simply offering a better deal on a car loan; credit unions make a difference for our members and the communities we serve.
Our Mission Statement
South Florida Educational FCU is a member-owned cooperative dedicated to providing members with quality affordable financial services.
Our Board of Directors
The Credit Unionís Board of Directors consists of seven members elected for a term of three years in accordance with the Credit Union's by-laws. All board members are elected from our field of membership and serve as unpaid volunteers. Directors are required to attend monthly meetings to set Credit Union policies and oversee its many member services.
Our Supervisory Committee
Our Supervisory Committee is responsible for ensuring that the Credit Union's Board of Directors and management establish practices and
procedures to properly safeguard members' assets. In addition, the Committee is responsible for the annual financial statement audit from a
licensed, independent auditor.
In accordance with the Federal Credit Union Act, the Supervisory Committee is comprised of volunteer members and functions completely
independently of Credit Union management. As an independent body, the Supervisory Committee also investigates members' complaints not resolved
to their satisfaction by management.
All Supervisory Committee members are appointed by the Board of Directors.
Members can report perceived Credit Union rule or policy violations, unethical behavior, and complaints not resolved by management directly to
the Supervisory Committee by mailing a letter to the following address:
South Florida Educational FCU
c/o Supervisory Committee
P.O. Box 160355
Miami, FL 33116-9998
All member communications are handled with the utmost confidentiality.
In January 2013, Michael DiBenedetto was named the new President of South Florida Educational FCU, following the retirement of William C. Page. Previously DiBenedetto was the Executive Vice President of Administration at First Light Federal Credit Union, in El Paso, Texas.
What has changed since the Credit Union was chartered in 1935?*
What was happening in America when the Credit Union was chartered in 1935? **
- The average price of a new house was $3,450
- The average house rent was $22 per month
- The average new car price was $625
- Average annual wages were $1,600
- A gallon of gas cost .10 cents
- A loaf of bread cost .08 cents
- A pound of hamburger meat cost .11 cents
- Canada Dry ginger ale cost .20 cents
- President Franklin D. Roosevelt ordered a gold reserve vault be built at Fort Knox, Kentucky
- Bucknell University won the first Orange Bowl 26-0 over the University of Miami
- The United States Social Security Act passed, creating a government pension system for the retired
- A Labor Day Hurricane hit the Florida Keys killing 423
- The Adventures of Dick Tracy was first heard on the Mutual Radio Network
- The first screening of Snow White & the Seven Dwarfs was the first feature-length animated movie
- Babe Ruth hit his 714th and final home run of his career
- Parker Brothers released the board game Monopoly
- Penguin produced the first paperback books