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Membership in the Credit Union is open to Sigmas, Zetas, their families, the Fraternity, the Sorority, and their Regions and Chapters. The field of membership encompasses the Blue and White Family of Phi Beta Sigma Fraternity, Inc. and its constitutionally-bound sister organization, Zeta Phi Beta Sorority, Inc.
- A $28.00 minimum amount is required to open a share account, of which $3.00 pays the application fee and $25.00 purchases 5 shares at $5.00 each, deposited into the account.
- There is no limit to the number of shares that a member may purchase.
- A periodic dividend will be paid to members based upon the number of shares on deposit and the Credit Union's earnings.
- Members joining with a share deposit of less than $100 are required to increase their share deposits to at least $100 within six (6) months from the date of the initial deposit. Accounts that maintain a balance of less than $100 will be penalized and eventually closed.
- When applying for membership online, submit with the application for membership a copy of a current picture ID in the form of a Current Drivers License, Passport or other government issued picture ID.
A Smart Investment
A share at Phi Beta Sigma Federal Credit Union is a flexible investment serving a variety of needs. Every dollar deposited is put to work to earn profit for the depositor. Most are invested in preferably short-term investments with high yields, and some are reinvested in loans to other PBSFCU members.
Each $5.00 constitutes a share in the ownership of the PBSFCU organization. Opening a share account automatically enables the member to apply for loans, participate in various PBSFCU activities, vote at the Annual Meeting, and be nominated to the Board of Directors or for other committee or volunteer staff work.
Each member of PBSFCU is an owner, and not just a customer. Members earn ownership dividends on their deposits-dividends that can grow from year to year, depending on organizational earnings. After Operating expenses are deducted and the necessary reserves are set aside according to the National Credit Union Administration standards, the remaining profit is distributed to the membership in dividends or is used to provide other benefits.
All PBSFCU accounts are currently federally insured up to $250,000 per depositor by the National Credit Union Administration (NCUA). This insurance provides protection on member accounts much like banks have for their accounts.