As a member-owned financial cooperative, ALPS Federal Credit Union is committed to giving you greater value than for-profit institutions. We believe that access to low-cost financial services is critical to the health and stability of our local economy and community.
We are big enough to meet your everyday financial service needs, yet small enough to pay you the attention we are known for. We’re not headquartered in a distant location. When you have questions, we have answers, quickly and locally.
That’s part of the exceptional service you can expect from us. You know our name, and most important, we know yours.
ALPS Federal Credit Union is Southeast Alaska’s member-owned non-profit financial cooperative. We believe it is our responsibility to help build a stronger financial future for our members and our community.
Anyone who lives, works, worships or attends school in southeast Alaska, as well as business and other legal entities in the areas listed below may join ALPS Federal Credit Union.
Hoonah-Angoon Census Area
Juneau City and Borough
Ketchikan City and Borough
Petersburg Census Area
Prince of Wales-Hyder Census Area
Sitka City and Borough
Wrangell City and Borough
Yakutat City and Borough
In addition, immediate family and household members of current members, spouses of people who died while in our field of membership, employees of this credit union, and organizations of such persons are all eligible for membership.
Because you understand the importance of value, you want to support local businesses, and you prefer to be treated as a friend and neighbor rather than an account number.
Our founders sought to create a local institution that understood and served the specialized needs of people living and working in southeast Alaska; that emphasized value and service over profits, and that would be responsive to members’ needs.
ALPS Federal Credit Union was founded in 1960 by local Alaska Lumber and Pulp mill workers as an institution that would provide affordable loan and deposit services to members. We are a federally chartered, not-for-profit financial cooperative, owned and directed by our membership. In 1985, we became a community-chartered credit union.
Q. What is a credit union?
Credit unions are not-for-profit financial cooperatives owned entirely by their members, who typically share a common bond such as place/type of employment or geography. Each member has the right to vote for the directors who guide the credit union.
A credit union’s purpose is to provide its members with greater value and personalized service. And instead of creating profits for a small group of stockholders, they return their profits to their members in the form of lower loan rates, higher dividend yields and better services. More than 100 million Americans are members of a credit union.
Q. Who owns a credit union?
A. Credit unions are cooperatives, owned by their members; anyone who joins becomes a part owner. Members are entitled to vote on how a credit union is managed by choosing a Board of Directors through an open election.
Q. How did credit unions start?
A. Credit unions started in Germany well over a century ago. After crossing the Atlantic to Canada, the first American credit union, the St. Mary's Cooperative Credit Association was founded in Manchester, New Hampshire in 1909. Today, more than 100 million Americans are members of credit unions.
Q. Are savings deposits insured?
A. Yes. Your savings are federally insured up to $250,000 through the National Credit Union Administration, and backed by the full faith and credit of the US Government. You can increase your coverage by opening joint and trust accounts. Individual Retirement Accounts are also insured to $250,000, separate from and in addition to the coverage on regular savings.
Q. What is the purpose of a credit union?
A. There are several; one is to encourage you to save money. Another is to offer loans with lower rates than for-profit lenders, especially to borrowers modest means. And because credit unions are locally owned, they support the local economy, and provide a level of personalized service not available at financial institutions with faraway headquarters.