An economic anchor, the Urban Upbound Federal Credit Union has provided safe and affordable banking options since 2010, keeping assets locally owned and controlled.
Our most successful community revitalization initiative was the Urban Upbound Federal Credit Union, the first to open in 35 years in Queens. The FCU offers safe and affordable banking options to the surrounding Long Island City community and constituents we serve. Products offered include savings accounts, credit building products, personal and business loans, free NYCHA rent payment processing (nearby financial institutions charge up to $8.00 for this service).
Why start a credit union?
Access to services and a stronger community The Urban Upbound Federal Credit Union offers affordable and relevant financial services including access to capital, asset-building vehicles and ownership stakes to its members. The credit union is located across from Queensbridge Houses, the largest public housing development in the country, and down the street from Ravenswood Houses. It serves as an economic anchor helping ensure that as Long Island City continues to change, the growth benefits residents throughout the neighborhood by keeping neighborhood assets locally owned and controlled.
What does ownership mean?
A cooperative financial institution Credit unions provide services similar to banks, check-cashing stores, or other financial service providers, but are different in the following ways: Member-owners at the credit union are customers elsewhere. Service to members is the goal of credit unions while others pursue profit. Credit unions keep fees and rates as low as possible instead of as an ever increasing source of revenue. Credit unions have loan policies flexible to their memberships whereas others maintain rigid lending policies. Credit unions serve a specific membership, banks will open accounts for anyone who meets their criteria, and check-cashing stores will sell to any customer.