|Overview of The Ohio Educational Credit Union
The Ohio Educational Credit Union (OHecu) is a full-service financial institution. Our goal is to recognize and understand the unique needs of our individual members and to fulfill those needs through a variety of diversified products and services.
OHecu is a not-for-profit financial cooperative. We’re a member-owned organization; our members are our only shareholders. OHecu provides similar services to that of banks, but operates as a separate entity solely for the benefit of its member-owners.
As our Mission Statement indicates, we’re committed to assisting and educating our members in establishing and enhancing their financial well being.
OHecu is chartered by the State of Ohio to provide its member-owners with the financial security, flexibility and convenience so necessary in today’s world.
American Share Insurance insures all member deposits up to $250,000 per account.
Whom We Serve
Membership in OHecu is just that—membership. Our members are not customers, clients or guests—they are owners, and owners have many privileges.
From its inception, OHecu provided a diverse selection of quality services for employees and family members of the Cleveland Public School System. The Ohio Educational Credit Union now serves individuals from a variety of organizations.
The varied OHecu membership includes students, alumni, employees and retirees from primary and secondary schools, universities, teaching hospitals and public and private trade schools throughout Ohio. In addition to educational institutions, OHecu also serves individuals from several community service organizations, home health care providers, day-care services and arts organizations.
Ever mindful of the goal of establishing and enhancing its members' financial well being, OHecu focuses on, and caters to, the individual needs of its members and their families and assists them in building their financial future.
OHecu is very proud of its financial strength and stability. Throughout our history, we have reported consistent growth in capital, membership and services. Our membership represents many diverse professions, with education being the most significant.
||A Long History of Financial Security
It has been many years since the May 1933 incorporation of The Cleveland Teachers Credit Union, now The Ohio Educational Credit Union. Over the years, OHecu has provided quality service to its members based on the fundamental ideal underlying financial cooperatives—"People helping People."
OHecu has adhered to this philosophy and supports the seven cooperative principles that exist. These principles are an integral part of OHecu. We maintain these principles in all aspects of our business initiatives.
- Voluntary Membership—
- Credit Unions are voluntary, cooperative organizations, offering services to people willing to accept the responsibilities and benefits of membership. The board of directors consists of unpaid volunteers elected by the membership.
- Democratic Member Control—
- Credit Unions are democratic organizations owned and controlled by its members, one member one vote, with equal opportunity for participation.
- Members’ Economic Participation—
- Members are the owners, they contribute to, and democratically control, the capital of Credit Unions. This benefits members in proportion to their transactions with Credit Unions rather than on their capital invested.
- Autonomy and Independence—
- Credit Unions are autonomous, self-help organizations controlled by its membership.
- Education, Training and Information—
- Credit Unions provide education and training to members so they'll benefit from, and contribute effectively to, the development of Credit Unions.
- Cooperation Among Cooperatives—
- Credit Unions serve their members most effectively and strengthen the credit unions' cooperative movement by working together with other credit unions directly and through local, state, regional, and national structures.
- Concern for Community—
- Credit Unions focus on more than just members' needs, they also work for the sustainable development of communities, including people of modest means, through policies developed and accepted by the members.
The Board of Directors, committees and employees are comprised of individuals who bring with them a full spectrum of financial and credit union experience, forming a progressive and forward-thinking team. It's this team that provides a foundation for the quality service enjoyed by the membership. OHecu continues to invest in the development of its employees and services, to assist our members in building their financial futures.