Who We Are
Our Credit Union was originally chartered in 1932 by a small group of Veterans Administration employees. They were dedicated to building a financial institution that would provide outstanding financial services...at the lowest possible cost.
When you bring your money home to Advantage Financial FCU, you know it's safe and sound. With more than 10,000 members and $100 million in assets, Advantage Financial is in sound financial condition. Members enjoy added peace of mind knowing their savings are federally insured through the National Credit Union Administration.
Over the years, the Credit Union has had a few name changes including Veterans Administration Central FCU, Department of Veterans Affairs FCU, and DVA FCU. However, our mission has remained true. We continue to offer financial advice and affordable services to all including those with less than perfect credit.
Advantage Financial is a community-chartered Credit Union. Our field of membership includes those who live, work, worship, or go to school in Washington D.C. as well as employees of the Department of Veterans Affairs, and contractors, in DC, Philadelphia, Brooklyn and Albany.
What Is a Credit Union?
A Credit Union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership.
The board serves on a volunteer basis and hires a management team to run the Credit Union. The board also establishes policy, sets dividend and loan rates, and determines the long-term strategic direction of the credit union. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution that exists to benefit them, not to make a profit.
Who Owns A Credit Union?
Unlike most financial institutions which are owned by stockholders, Credit Unions are owned by their members. Each Credit Union member owns one "share" of the organization entitling them to vote on important issues, such as the election of member representatives to serve on the board of directors. Credit union profits are shared with the members in the form of lower rates on loans, lower fees and higher dividend rates, whereas profits at other financial institution benefit the shareholders.