Jeffrey Wade
Randolph-Brooks Federal Credit Union (RBFCU) is a trusted financial partner for more than 1 million members in Texas and worldwide. RBFCU offers banking services, including loans, savings accounts, and retirement plans. While credit unions like RBFCU are not-for-profit cooperatives owned and controlled by their members, they are not federally insured. Investment and trust products offered by RBFCU are not insured by the FDIC, NCUA, or any federal agency and may lose value.
| Characteristics | Values |
|---|---|
| Type of institution | Credit union |
| Number of members | More than 1 million |
| Location | Texas and around the world |
| Insurance | Not federally insured |
| Ownership | Members |
| Board of directors | Elected by members |
| Board member compensation | None |
| Business philosophy | Not for profit, not for charity, but for service |
| Investment products | Offered through Nationwide |
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What You'll Learn
- Randolph-Brooks Federal Credit Union (RBFCU) is a trusted financial partner for over 1 million members worldwide
- RBFCU offers banking services, including loans, savings, and checking accounts
- Credit unions are not-for-profit, democratically controlled by members, and focused on service
- Investment and insurance products are available through RBFCU Insurance Agency LLC
- The RBFCU Freedom Retirement Plan is offered in partnership with Nationwide
Randolph-Brooks Federal Credit Union (RBFCU) is a trusted financial partner for over 1 million members worldwide
As a credit union, RBFCU is a not-for-profit cooperative, owned and controlled by its members, who both save and borrow there. This means that when you open an account, you become an owner of the credit union. Credit unions are focused on people, not profits, and operate by a "people helping people" philosophy. This is reflected in the election of the board of directors, who are a group of members that volunteer their time to set the credit union's policies. Each member of the credit union has one vote, regardless of the amount of money they have deposited.
RBFCU offers a range of products and services, including low and no-cost savings and checking accounts, auto and vehicle loans, mortgages, credit cards, business loans, online banking, and mobile apps. They also provide resources to assist members with their financial journeys, giving them the tools they need to invest, purchase a home, and more.
In addition, RBFCU offers insurance products through RBFCU Insurance Agency LLC, a subsidiary of RBFCU Services LLC. These insurance products are not deposits, are not guaranteed by RBFCU, and may lose value. Trust services are also available through Members Trust Company, a federal thrift regulated by the Office of the Comptroller of the Currency. It is important to note that trust and investment products are not federally insured and may involve investment risks.
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RBFCU offers banking services, including loans, savings, and checking accounts
Randolph-Brooks Federal Credit Union (RBFCU) is a trusted financial partner for more than 1 million members in Texas and worldwide. RBFCU offers a wide range of banking services, including loans, savings, and checking accounts, with a focus on improving the economic well-being and quality of life of its members.
As a credit union, RBFCU is a not-for-profit cooperative owned and controlled by its members, rather than outside shareholders. This means that members who save and borrow from RBFCU are also its owners, and the institution operates with a "people helping people" philosophy. RBFCU offers the same products and services as big banks, including savings and checking accounts, loans, mortgages, credit cards, and online banking, often with better rates and lower fees.
For example, RBFCU offers savings accounts that yield guaranteed dividends, as well as higher-yield options such as tiered-dividend accounts, Money Market accounts, and traditional or Roth IRAs. They also provide a SuperSaver 18-month Certificate, which is a long-term savings account with a minimum initial deposit and balance of $1,000.
In terms of checking accounts, RBFCU provides a Really Free Checking Account with no monthly maintenance fees and no required minimum balance. Members can also open a business checking account and take advantage of merchant services such as point-of-sale technology, payroll processing, and website design.
Additionally, RBFCU offers various loan options, including auto loans, business loans, and mortgages. Members benefit from lower loan rates and can apply for loans easily through the online platform.
RBFCU also provides online and mobile banking services, allowing members to access their accounts, deposit checks, pay bills, and transfer funds securely anytime, anywhere. The RBFCU Mobile app offers features such as customized alerts, bill pay, and ATM location services, enhancing the convenience and security of mobile banking.
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Credit unions are not-for-profit, democratically controlled by members, and focused on service
Credit unions are democratically controlled by their members, who elect a board of directors to represent their interests. The board of directors is made up of volunteers who are not compensated for their time. Each member has one vote, regardless of the amount of money they have deposited, and can participate in nominating and electing the board members. This democratic structure ensures that credit unions are controlled by their members and focused on serving their needs.
Credit unions are focused on service, which is reflected in their philosophy of "not for profit, not for charity, but for service." They aim to provide high-value products and services to their members, including low- and no-cost savings and checking accounts, loans, mortgages, credit cards, and online banking. Credit unions also offer financial literacy tools and resources, as they believe that education contributes to personal growth. Additionally, credit unions are actively involved in their communities, supporting local businesses and nonprofit organizations through sponsorships, donations, and volunteerism.
Randolph-Brooks Federal Credit Union (RBFCU), for example, is a trusted financial partner for more than 1 million members in Texas and around the world. RBFCU offers all the banking services expected from a leading credit union and is committed to improving its members' economic well-being and quality of life. With its high-value products and services, RBFCU embodies the credit union philosophy of being not-for-profit, democratically controlled by members, and focused on service.
Investment and insurance products are available through RBFCU Insurance Agency LLC
Randolph-Brooks Federal Credit Union (RBFCU) is a trusted financial partner for more than 1 million members in Texas and worldwide. RBFCU offers all the banking services you would expect from a leading credit union, including loans, savings and checking accounts, mortgages, credit cards, and business loans.
As a financial cooperative, RBFCU is controlled by its members, not outside shareholders. Credit unions are not-for-profit, and their focus is on people, not profits. When you open an account, you become an owner of your credit union.
RBFCU Insurance Agency LLC is a wholly-owned subsidiary of RBFCU Services LLC and an affiliate of Randolph-Brooks Federal Credit Union (RBFCU). RBFCU Insurance Agency is operated by Banc Insurance Agency. Business conducted with RBFCU Insurance Agency LLC is separate and distinct from any business conducted with RBFCU.
RBFCU Insurance Agency provides multiple carrier options to help you find the best coverage at a good price. They offer insurance bundling discounts when you need both auto and home coverage or other companion policy discounts with the same carrier. You can enjoy the same responsive, high-quality customer service from RBFCU Insurance Agency's team of licensed, professional insurance agents.
RBFCU also offers investment products and services through Ameriprise Financial Services, LLC, a registered investment advisor. Securities are offered by Ameriprise Financial Services, LLC. Investment products are not insured by the FDIC, NCUA, or any federal agency and are not deposits or obligations of, or guaranteed by any financial institution. They also involve investment risks, including possible loss of principal and fluctuation in value.
The RBFCU Freedom Retirement Plan is offered in partnership with Nationwide
The Randolph-Brooks Federal Credit Union (RBFCU) Freedom Retirement Plan is offered in partnership with Nationwide. This plan is available to employees in school districts and certain tax-exempt organisations served by RBFCU. The RBFCU Freedom Retirement Plan is offered in 403(b), Roth 403(b), 457(b) and Roth 457(b) retirement plans with a variety of investment options, no front- or back-end sales charges and no transfer fees.
The RBFCU Freedom Retirement Plan is a tax-sheltered plan, allowing for pre-tax contributions that reduce your taxable income. Taxes are deferred until withdrawal. The plan also offers a deferred compensation plan (DCP) with after-tax contributions that do not reduce taxable income and allow earnings to grow tax-free.
The selection, monitoring, and replacement of investment options for the Nationwide Freedom Retirement Plan are made by LeafHouse Financial, which is not affiliated with Ameriprise Financial Services, LLC. Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.
The RBFCU Freedom Retirement Plan provides access to investment advisory products and services through Ameriprise Financial Services, LLC, a registered investment adviser. Securities are offered by Ameriprise Financial Services, LLC, a member of FINRA and SIPC.
With the RBFCU Freedom Retirement Plan, you have the option to invest in several leading mutual fund companies, including J.P. Morgan. It is important to note that, unlike a federally insured account, mutual funds containing stocks, bonds, and other investments are not guaranteed. Their performance depends on the health of different financial markets, the performance of the mutual fund portfolio manager, and fees and other expenses.
Frequently asked questions
RBFCU stands for Randolph-Brooks Federal Credit Union (RBFCU). It is a not-for-profit financial cooperative with over 1 million members in Texas and worldwide.
No, RBFCU is not FDIC insured. Credit unions are not insured by the FDIC. Instead, they are insured by the National Credit Union Administration (NCUA).
Federally insured credit unions are insured by the National Credit Union Administration (NCUA), which is a federal agency that protects credit union members' deposits up to $250,000.
No, not all investments are federally insured. Investment advisory products and services are offered through Ameriprise Financial Services, LLC, and insurance products are offered through RBFCU Insurance Agency LLC, which is not affiliated with Ameriprise Financial Services. These products are not insured by the FDIC, NCUA, or any federal agency and may lose value.
You can check if your money is federally insured by looking for the National Credit Union Administration (NCUA) insurance logo on RBFCU's website or marketing materials. The NCUA logo indicates that your deposits are insured up to $250,000.
