How Did TelComm Get Started?
TelComm Credit Union was originally chartered under the name of Springfield Telephone Employees Credit Union in June, 1940. Harry Duewel, a long-time Southwestern Bell employee was instrumental in organizing the credit union – as he quickly saw the inherent value in providing on-site financial services to his fellow telephone employees (and families). As a result, TelComm membership was provided by Southwestern Bell to its employees as a financial benefit – while utilizing the credit union philosophy of “people helping people”.
Today, TelComm serves nearly 18,000 credit union member-owners, including the employees of 125 companies (select employee groups) located in Springfield and the surrounding area – in addition to the many members that are also being served by TelComm throughout the United States and abroad.
Our assets are $152 million, and we currently have 6 conveniently located full-service TelComm offices (four branches in Springfield, one in Nixa and one in Republic) to better serve our membership’s financial needs. TelComm Credit Union membership is also provided to anyone that lives or works in Greene, Christian, Lawrence, Webster and Polk counties – and their family members as well. So, tell your friends, neighbors, co-workers, immediate family members, etc., that they are also eligible to share in the many benefits TelComm Credit Union membership provides.
As a member owned cooperative, this credit union is dedicated to providing high quality financial services to the members, remaining responsive to member needs and goals, and pursuing the philosophy of “People Helping People” within the constraints of sound business practices.
The Credit Union Difference
You’re not a customer… You’re a Member
There are nearly 6,500 member-owned cooperative financial institutions, known as credit unions, in the United States. Their roots go back to the mid-nineteenth century when the first credit union was established in Europe. A credit union is usually formed around common bonds, generally places of employment or geographical location. Its main purpose is to give member-owners a place to save and borrow. Members put their money into a variety of savings and investment accounts. This money is then lent to members who pay interest.
After operating expenses and reserve requirements are met, the remaining loan income is returned to the members as dividends and other financial services. Member-owned credit unions are not-for-profit; they exist only to serve their membership. As a result, credit unions are able to pay high dividends on savings and charge low interest rates on loans. The Board of Directors, responsible for running the credit union, are volunteer rather than paid positions and elected by and from the membership.