First Financial Federal Credit Union of Maryland

The message comes across loud and clear when you visit First Financial FCU’s Web site: this is not a commercial institution. On a page entitled “The Credit Union Difference,” the $520 million Baltimore-based financial cooperative states, quite simply, “A profound, fundamental difference exists between banks and credit unions. Although credit unions are small compared with banks, we do have a market impact because we offer consumers an alternative, a better choice.”

A table comparing credit unions to banks spells out those differences, from being member-owned to delivering services and products to members at a lower cost, i.e., passing savings on to members rather than stockholders.

One thing that First Financial members get that no bank customer receives is a year-end bonus dividend on savings accounts. According to Marketing Vice President Stephanie Peltzer, First Financial has awarded a bonus now for nine years in a row. A 10 percent dividend is paid on the accumulated dividends paid to date.

She notes that the bonus is in addition to the already above-market returns First Financial pays its members on their share accounts.

Thanks to a recent decision by the credit union to join the Allpoint Network of surcharge-free ATMs, members also enjoy free access to 25,000 ATMs across the country (more than Bank of America provides its customers). First Financial waives its own ATM fees (based on a sliding scale starting at six uses per month), so that if a member uses either First Financial’s own ATMs or the ATMs in the Allpoint Network (which can be found in grocery stores and other convenient locations), there’s no cost for the transaction.

Peltzer says that First Financial is especially proud of its record of community involvement in the Baltimore County and Carroll County school systems. The credit union was founded 50 years ago by employees of the Baltimore County school system, and so it stays close to those roots.

First Financial’s Kids First Fund has donated hundreds of thousands of dollars to the public schools in the form of grants and scholarships. It has also made funds available to the health department to support a dental sealant program for second-graders. In addition to scholarship grants, it has earmarked funds to go to students who need help paying for prescriptions, eye glasses, dental visits and trips to the doctors. The credit union contributes ½ percent of all purchases made by members using the credit union’s VISA card to its Kids First Fund.

"For over 50 years, this credit union has put its members first," says First Financial President and CEO Robert Windsor. "That belief originates at the board and works its way through the entire staff. We are dedicated to serving our members by delivering the best combination of products and services."