About CHFCU
Covenant Health Federal Credit Union is a community chartered credit union providing financial services for persons living, working and worshipping in Knox, Blount, Anderson, Loudon and Union counties, as well as Covenant Health System employees, their family members, organizations and affiliates. As a member-owned, not for profit financial cooperative, we are committed to providing exceptional financial services delivered by courteous, professional individuals.
The National Credit Union Share Insurance Fund, an agency of the U.S. Government insures your deposits up to at least $100,000.
What Is A Credit Union?
A credit union is a member-owned, nonprofit cooperative financial institution formed for the purpose of encouraging savings by offering a fair return, using those savings to make loans at competitively low interest rates to members, and providing other financial services. Members are united by a common bond of association and democratically operate the credit union under state or federal regulation. There are more than 12,000 credit unions in the United States with nearly 72 million credit union members nationwide.
Why Join A Credit Union?
Credit unions exist only to serve their member-owners. Consumer surveys repeatedly show members are more satisfied with the service they receive from their credit union than are customers of banks or savings and loans. Credit unions are democratic organizations directed by their members. Members have the power to direct credit union policy and, if dissatisfied, can even replace the board of directors. Credit unions practice a one-member, one-vote philosophy for all elections, unlike for-profit financial institutions whose stockholders vote according to the number of shares of stock they own. Their nonprofit status enables credit unions to operate at a lower cost than many for-profit institutions and helps them to offer competitive loan and savings rates. For instance, credit unions usually charge lower interest on credit cards than most other providers, and many credit unions charge no annual card fee.
