Not-for-profit credit union serving low-income members and employees of University Settlement and The Door in NYC with basic banking and loan services.
Editorially reviewed by Harvey Brooks
University Settlement Federal Credit Union (USFCU) was established as a member-owned financial cooperative with a mission to provide accessible financial services, particularly to low-income individuals who face barriers to traditional banking. The organization is housed and supported by University Settlement, a social service organization in New York City, though USFCU operates as an independent corporation. The credit union currently serves approximately 200 members and is governed by a volunteer Board of Directors comprised of current and former University Settlement and The Door employees.
USFCU offers standard credit union services including savings plans, checking accounts, and various loan products. Members can access these services on-site at two locations: 184 Eldridge Street and 121 6th Avenue in Manhattan. Primary membership eligibility includes employees of University Settlement and The Door organizations, their family members, and program participants. The credit union emphasizes member financial education alongside product offerings to help members achieve long-term financial goals.
What distinguishes USFCU is its explicit focus on serving low-income populations and those underserved by mainstream financial institutions. As a member-owned cooperative, the credit union's sole purpose is meeting member financial needs rather than generating profits for external shareholders. The organization is licensed and insured by the National Credit Union Administration (NCUA), a U.S. Government Agency, providing regulatory oversight and deposit insurance. The volunteer board structure and non-profit status demonstrate commitment to community service.
As a very small credit union with only 200 members, USFCU has significant operational limitations compared to larger institutions. The limited membership base restricts available services and technology infrastructure. Very small credit unions often have higher operational costs per member and may offer fewer product variations or digital banking capabilities. Prospective members should verify current service offerings and eligibility requirements directly with the organization.
Yes. university settlement federal credit union is a registered company headquartered in 121 6th Ave, New York, NY 10013. They hold a NR rating with the Better Business Bureau.
CreditDoc Diagnosis
USFCU is best for low-income individuals and employees of University Settlement/The Door organizations seeking accessible banking and lending from a member-owned, mission-driven credit union. The main caveat is that membership is restricted to specific employee groups and participants, and the organization's very small size (200 members) limits service offerings and technological capabilities compared to larger financial institutions.
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