About Us

In 1960, the MECO Federal Credit Union was established with the objective to operate a cooperative non profit financial institution for its members. Members’ deposits furnish funds for the making of loans. Repayment of these loans generate income to pay dividends on savings and to pay operating expenses. Members (owners) have the best of both worlds . . . they are provided the best financial services and, at the same time, they benefit from the earnings of the business which are returned in dividends and increased services.

Credit Unions are unique in that they are owned by their members. There is no conglomerate owner reaping profits from the business. There are no stockholders who have a say in how the business is operated in proportion to the number of shares they own. At your Credit Union a share of ownership is a deposit of $5 and each member is entitled to one vote.

Credit Unions sprouted from a time of economic turmoil. They were nurtured into being for the purpose of allowing people to help themselves and each other without resorting to the outrageous lending practices of the 1800’s. Credit unions have not strayed from their roots . . . they are still not for profit, not for charity, but for SERVICE.

How to Join

You qualify for membership with MECO Federal Credit Union, if you are:

  • A relative of a current MECO Federal Credit Union member
  • An Employee or Director of Medina Electric Cooperative
  • A relative of an employee or director of Medina Electric Cooperative

Relatives include:

  • Spouse
  • Child
  • Parent
  • Grandparent
  • Grandchild
  • Sibling

If you qualify and would like to be a member, please fill out the NEW ACCOUNT FORM so a signature card can be completed. A signature card must be signed and a $5 deposit must be made into each new account.

We hope you decide to enjoy the benefits of membership and make MECO Federal Credit Union YOUR credit union!